Santos’ $5.8 billion Barossa project and Woodside’s $16.5 billion Scarborough venture off WA have been mired in delays and uncertainty.
In the sparkling blue waters off the coast of Brazil, a 240-metre-long vessel is sucking oil from a sandstone reservoir beneath the ocean floor.
The acquisition was exceptionally timed. While the 2020 oil price crash would soon rock the industry as COVID-19 wiped out demand, a historic global energy supply crunch was quick to follow – one that many in the sector had predicted might arrive, but not so suddenly or as extreme. “We will be looking for continued growth opportunities, probably in the oil space and in the Americas,” says Fowles.
Industry leaders decried the system as “broken” and vulnerable to exploitation by activists intent on halting new fossil fuel supplies, particularly after the Federal Court this yearfor Santos to restart works, finding some evidence from the Environmental Defenders Office had involved “confection” and the subtle coaching of Indigenous witnesses.
“We continue to look in Australia of course, it’s our backyard, but we will need to see now a rebuilding of confidence in Australia first.”
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