Woodside Energy Group Ltd expressed its excitement to contribute to the development of the Australian Government’s Future Gas Strategy.
According to Woodside, Over 200 submissions have been made to the Australian Department of Industry, Science and Resources’ consultation process, highlighting the growing recognition of the crucial role of gas in a volatile and uncertain world where access to secure, affordable, and reliable energy supply is increasingly challenging.
Various stakeholders acknowledge that gas is crucial for a responsible energy transition, including local governments, manufacturers, regional customers, power generators, think tanks, policy experts, business groups, and unions.
Woodside supports the Strategy’s four objectives: providing affordable, reliable energy for Australians, maintaining strategic partnerships for regional energy security, and advancing decarbonisation of trading partners and Australia.
The company noted that Australia’s natural resources offer a significant opportunity to become a regional and global leader in the energy transition, as it has the necessary resources to support both renewable and non-renewable energy developments.
However, to take advantage of the prospects afforded by a strong Australian gas industry, Woodside emphasised the need to first establish the appropriate policy framework. The industry needs fiscal and regulatory stability in order to continue taking investment risks and developing Australia’s resources.
The company added that the government should ensure workers and businesses, including the Australian manufacturing sector, have certainty about the medium- and long-term role of gas for informed decision-making and investment.
Woodside’s submission presents practical and constructive recommendations for the short and medium-term, addressing various issues affecting the gas industry.
These include enhancing the regulatory structure to ensure approvals are issued on time and with confidence. The company stated that it is encouraging that the Australian and Western Australian governments are cooperating to ensure all stakeholders understand the consultation requirements for offshore initiatives.
Moreover, the company noted that governments must signal Australia’s openness for business to regional energy partners and the domestic importance of gas.
Woodside proposes the appointment of an Energy Envoy for Australia to enhance regional energy security and reduce emissions, bolstering existing trading partner engagement.
The Future Gas Strategy and the future success of the country’s gas sector and the jobs it supports requires bipartisan support, Woodside added.
