Tens of billions of dollars of gas projects will be hit by the Labor-Greens deal on the safeguard mechanism, the latest threat to an industry vital for energy security.
As the CEO of Japan’s Inpex Corporation flew into Canberra on Wednesday, he joined a slew of gas industry leaders beating down the doors of ministers and top department officials to get to the bottom of the latest slew of strictures to be placed around the development of new fields.
While the details of the extra requirements on gas projects have yet to be released, several projects have clearly emerged as in the firing line.the undeveloped Beetaloo province in the Northern Territory The project is vital to supply replacement gas to the existing Darwin LNG plant where exports to Asia have slowed to a trickle. But it has an unusually high CO2 content in its gas of about 18 per cent, according to Credit Suisse analysts, that looks set to make meeting net-zero targets for reservoir gas particularly onerous.While a carbon capture system is being worked on for Barossa, questions remain as to when it will be ready, and to what extent it will increase production costs.
Then there are the reforms to the Australian Domestic Gas Security Mechanism – the government’s mechanism allowing it to curb LNG exports – which are due to come into effect in two days’ time on April 1 but for which the government has yet to release the final version. Woodside, one of the biggest suppliers of domestic gas on the east coast, said the country “needs to find a way forward to ensure there is investment certainty” for companies committed to emission reduction goals while providing domestic gas, tax revenues and raw materials for manufacturing.
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