Woodside Energy chief executive and managing director Meg O’Neill has called for an energy policy debate based on “science and facts” to ensure Australia’s energy security and affordability doesn’t lag behind.
In front of a packed Town Hall at the Melbourne Mining Club’s luncheon on Thursday 6 February, O’Neill said it was time to find the right solutions to ensuring the security of energy in Australia moving forward.
“Amid rising global protectionism and greater competition for capital, Australia must sharpen its competitive edge even further,” she said.
“Moves by the new Administration in the US to deregulate the economy and spur new energy investments make the challenge for countries like Australia even more acute.
“Affordable energy keeps operating costs down which means companies have more capital to invest in things that increase productivity… We must keep it this way.”
O’Neill is adamant that the key to keeping energy affordable lies in investment into natural and locally sourced gas.
“Investment in new gas supplies can underpin the next wave of growth for an industry that is so important to Australia’s ongoing prosperity, by supporting the emergence of a critical minerals processing sector, and the decarbonisation of steelmaking,” she said.
“I am encouraged at the growing recognition of the importance of natural gas here in Victoria… But to achieve decarbonisation and economic growth – which ultimately secures our future prosperity – we need further action at all levels of government.”
While O’Neill is eagerly awaiting response on her outlines to government, she also holds firm that onus falls on the entire industry.
“We must sharpen our focus on technology and innovation, to ensure Australia’s resources sector remains cost-competitive and a world leader,” O’Neill continued.
“We must maintain our significant social and economic contributions, to ensure we keep the trust and confidence of the Australian community.
“And we must continue to decarbonise our businesses in line with national and international goals.
“As we navigate this shared challenge, we must have the courage to keep all options on the table and be guided by the facts as we map a prosperous future, together.”
Further speaking on gas projects in Victoria, O’Neill outlined Woodside’s role in a joint venture in the Bass Strait Project, operated by ExxonMobil.
“I am proud to say that every molecule of natural gas Woodside sells from Bass Strait is consumed by local manufacturers and power generators and homes in eastern Australia,” she said.
O’Neill reiterated that investment in new gas supplies can “underpin the next wave of growth for an industry that is so important to Australia’s ongoing prosperity, by supporting the emergence of a world-class critical minerals processing sector, and the decarbonisation of steelmaking”.
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