THE ONLY WAY IS UP., page-2079

Beach Energy should also be invited in future AFR Business Summit

From the AFR:

Santos and Woodside see a solution to energy shock

The two resources giants believe the Ukraine war will create a power security crisis that will reverberate for decades. And they have the solution.

Santos chief executive Kevin Gallagher and Woodside boss Meg O’Neill are careful to say all the right things about the spikes in oil and gas prices caused by the war in Ukraine.

Speaking at The Australian Financial Review Business Summit on Wednesday, Gallagher repeated his view that he’s never comfortable when oil prices get so high that demand destruction is a threat, while O’Neill expressed her support for the people of Ukraine.
————
Countries like Australia and the United States, she argued, would be in the box seat to help provide energy security to like-minded allies no longer keen to rely on regimes such as those in Russia and the Middle East.

Gallagher issued a similar warning, saying that with oil and gas still part of the energy mix out to 2050 – under even the most aggressive energy transition scenarios – supply provides the only solution to the current crisis.

And even that’s no sure thing.

“I just don’t see how the supply side can fill the gap in any sort of meaningful timeframe to address these high prices,” he said.

————-

He says it is only because of Santos’ controversial carbon capture storage project at Moomba, in South Australia, where it will inject carbon into depleted gas reservoirs, that new oil and gas projects can be considered.

And he backed O’Neill’s view that it is gas, not oil, which will be the focus of Australia’s energy giant, due to the commodity’s role as a transition fuel.