80 to 90 Million Revenue, page-82

Another related theme

A looming gas shortage in Western Australia underscores the importance of getting Woodside’s Scarborough and Browse projects up and running, Resources Minister Madeleine King has said.New forecasts from the Australian Energy Market Operator (AEMO) show the State is staring at deficits of gas in each of the next five years, with a massive 27 per cent shortfall forecast in 2033.Ms King said the forecasts highlighted the importance of unlocking supply– including from both of the Woodside projects planned for the Burrup Peninsula.While AEMO’s outlook factors in supply from Scarborough, which is due to start LNG production in 2026, it doesn’t account for future gas from Browse.“Gas will be vital to supporting the reliability of renewable energy in WA,” Ms King said.“The Scarborough and Browse gas projects will directly support energy security in our region, which is the bedrock of regional stability.“These projects will provide energy security for Western Australia. And when Western Australia is successful that generates prosperity for the whole nation.”

The market operator highlighted threats to each of the proposals in WA’s gas pipeline, including legal risks to the Scarborough project over development timelines.Woodside has been targeted with lawsuits and protests as climate activists attempt to torpedo the Burrup Hub project.Greenpeace this week launched new legal action against the gas giant, accusing it of misleading the public about its climate performance and plans.Ms King has become an increasingly vocal defender of the Perth-based company in the face of the sustained attacks.She also recently rebuked Labor colleagues who met and posed for photos with anti-Burrup Hub campaigners, in a bust-up that exposed the internal tensions within the Government about the fuel source.The Brand MP’s latest endorsement of the gas projects came just hours after her cabinet colleague, Climate Change and Energy Minister Chris Bowen, heralded a landmark global agreement struck at the UN climate summit to “transition away” from fossil fuels.Mr Bowen told the summit in Dubai that the statement agreed to by more than 190 countries sent a clear message that the “age of fossil fuels will end”.

The statement did recognise the role of “transitional fuels” - a phrase often used to describe gas - in the clean energy shift.“This is the first time that fossil fuels have ever been mentioned in a COP (summit) decision,” he later told reporters.“And that COP decision is that we will transition away from fossil fuels. That is no small thing. It sends a signal to the world’s markets, investors and businesses that this is the direction of travel for countries right around the world.”Asked what message the agreement sent to Australia’s fossil fuel producers, Mr Bowen said: “Read the text, read the text, and I think the text is very clear, the decision of the world is very clear here.”