Gas giants warn of threats posed by market intervention

Australia’s reputation as a stable regulatory environment is at risk of damage through new intervention measures, according to some of the country’s biggest overseas energy investors.Billions of dollars of further investments are being made at the Gorgon LNG venture in Western Australia.

ExxonMobil Australia chairman Dylan Pugh said gas had come to the fore to sustain energy supplies for the eastern states after a big drop-off in wind generation between May 8 and 13, exposing the critical role the fuel plays as the country moves towards lower carbon energy. “The situation that we’ve found ourselves in reinforces why it’s absolutely critical that governments preserve a stable investment environment that supports a diverse range of energy solutions for Australia,” he said.Chevron Australia’s head Mark Hatfield said stable policy had been a major drawcard for the US energy major to invest here, where it is probably the biggest overseas investor through its huge LNG investments in the Gorgon and Wheatstone projects in Western Australia.

😂 c’mon what else would say

AFR is messenger boy for transnational corporate threats of 'reputational' damage, 'sovereign risk' etc. A sovereign government reserves the right to vary arrangements over national resources.

Multinationals Chevron and Exxon who demonstrably engaged in profit shifting, deliberately undermining the regulatory regime of the Country, argue about sovereign risk… 🤔🙄 It isn’t their gas. They have a right for a reasonable ROI, but not super profits at our expense.

They can d get F***ed. Threatening us after plundering us for decades.

These foreign owned gas companies are ripping wealth out of Australia and not paying any tax! In Norway oil and gas companies pay 78% tax! Australia’s resources belong to the Australian public! Not multinational gas companies!

Only thing stable about Chevron & Exxon is their profits

Like they give a shit about countries with a stable environment when they’re in bed with a multitude of corrupt governments and dictators all over the world…

As if chevron and exxon are saints. A bully is now being fixed.. ask them to shut up.

What exactly are they going to do if the Govt did intervene to disrupt the Gas Cartel?

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