Santos chief govt Kevin Gallagher has criticised the Australian authorities for pursuing power insurance policies that are not “sensible or prudent,” saying the uncertainty is scaring away funding and regarding the nation’s Asian companions.
Mr Gallagher lamented that Australia didn’t have a bipartisan power coverage and “power has been handed to the Greens essentially, and they just want to shut everything down, right?”
“Ultimately, that’s where we are today, we have a challenging environment – but I call on the government to work together, so that we can have sensible energy policies, sensible climate policies,” Mr Gallagher mentioned in Adelaide following Santos’ annual basic assembly,
Mr Gallagher referred to Santos’ offshore Barossa fuel undertaking off the coast of the NT, which has confronted scrutiny and authorized challenges and may be impacted by the Labor authorities’s “safeguard mechanism” for chopping emissions regardless of being 55 per cent full.
“All of the gas from Barossa for the next 15 years, it’s sold, it’s sold to Japan and Korea – they depend on that energy for their energy,” he mentioned.
“And we’ve got to take that stuff seriously. We can’t just be turning things off at short notice and changing the rules.”
Mr Gallagher mentioned he supported the safeguard mechanism however added the $4.7 billion Barossa undertaking, due for completion in 2025, must be thought of “grandfathered” in as a result of it’s so far alongside.
“I don’t like the fact that a retrospective change can affect a project after it’s been FID and it’s 55 per cent constructed,” he mentioned, utilizing an acronym for a closing funding resolution.
“That does not like a sensible or prudent policy to me. That seems like a deal with the Greens.”
Mr Gallagher mentioned he wished to work with the federal government however requested it to present readability and the regulatory framework as rapidly as attainable so Santos might get on and do what it wanted to do.
He additionally referred to as on Australia to do extra round carbon seize and storage, or CCS, as a solution to fight greenhouse emissions.
“The anti-oil-and-gas activists around the world push back on that, a lot of pressure on governments to not support CCS, because their fear is it only prolongs oil and gas.
“But oil and and fuel goes be right here whether or not CCS is right here or not. That’s only a truth of life – you can not change oil and fuel.”
Renewable energy can only produce electricity, while oil and gas is used as a feedstock to produce many items from everyday life, Mr Gallagher noted.
Mr Gallagher also boasted of what he described as Santos’ strong relationship with Indigenous stakeholders with the projects it has up and running.
He said while Santos consulted widely on the Barossa project, he respected a recent Federal Court decision had broadened the spectrum of the stakeholders that the company needed to consult with and said that process has begun.
A smoking ceremony was held by conventional homeowners exterior the Adelaide Convention Centre the place the AGM was held.
Source: www.perthnow.com.au
