Ian Davies said opening up new oil basins would do more for Australia’s energy security than meeting the IEA’s target of 90 days of fuel stockpiles.
Record oil and gas prices are “good for no one”, says the chairman of the Australian Petroleum ProductionExploration Association, Ian Davies, who wants more emphasis on encouraging investment in new developments to help mitigate the global energy security crisis.
Prices have recently spiked higher, with Melbourne spot prices at $40/GJ on Tuesday morning, much closer to equivalent export prices. “As a net importer of oil and refined products, a better way to achieve oil security would be to encourage investment in new oil developments, get new, material oil provinces, such as the Bedout Basin in Western Australia, up and running, and expand existing basins where possible.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gas industry under the pump on prices, carbonGas industry leaders look set to come under intense pressure this week on climate and east coast energy prices at the APPEA oil and gas conference in Brisbane.
Read more »
PM defends Super Home Buyer scheme after his minister says it will push up housing prices – videoJane Hume concedes plan to allow first homebuyers to access super will push up prices
Read more »
House prices will fall 10pc before the PM’s super plan sends them upAllowing first home buyers to tap their superannuation would eventually push up house prices in the long-term, but only after the RBA’s interest rate rises cut property prices by at least 10 per cent.
Read more »
Coalition plan to allow first homebuyers to access super ‘will jack up house prices’Allowing access to up to $50,000 of retirement savings ‘like throwing petrol on a bonfire’, industry super group warns
Read more »
Is Jupiter Mines the one flower yet to bloom in this mining boom?One small corner of the commodities’ galaxy has remained strangely unaided by the extraordinary set of circumstances that have lifted most mining companies to record profits over the past year.
Read more »
Morrison enters last week with controversial plan to allow first home buyers to dip into superThe PM promised first home buyers they would be able to use their super to get into the market, attracting criticism it will drive up property prices and weaken retirement incomes.
Read more »