Gas market grinds to halt as Woodside, Shell suspend sales talks

https://www.copyright link/companies/energy/shell-puts-on-hold-gas-sales-after-intervention-plan-20221213-p5c5u6

behind a paywall

Woodside Energy has joined Shell and other east coast gas suppliers in calling off talks with customers for new supply contracts in the wake of the government’s plan to permanently control prices, increasing uncertainty over the level of gas available for manufacturing and power generation in the years ahead.The stalling of the gas market came as Woodside CEO Meg O’Neill urged the federal government to rethink its proposed gas market intervention, warning the shock plan risks energy rationing and power shortages, and would cost investment and jobs.

We need to unlock gas supply now... no-one wants to see energy shortages and gas rationing,” said Ms O’Neill, who has since last month also been chairman of the oil and gas industry group APPEA.“We must develop a comprehensive, longer-term solution that addresses gas supply and reliability, the overall energy mix and infrastructure, without undermining the market-based economy.”Her criticism of the government’s planned market intervention on the east coast echoes worries voiced by other local producers and majors such as ExxonMobil, Shell and Japan’s Mitsui.



Really- DYOR