Lead Industry Address – Leveraging opportunities in a growing but competitive market

Abstract

ConocoPhillips has a history of success in Australia, investing more than $20 billion since 2004 and creating 4000 ongoing jobs. We are a foundation shareholder and operator of Australia Pacific LNG, vital to the export and domestic markets; an owner and the operator of Darwin LNG; and are approaching a final investment decision on the Barossa offshore supply development project in early 2020. Over the past decade our industry invested $200 billion into development here, making Australia the one of the world’s largest LNG exporters. These exports serve a global energy landscape that features growing demand for secure energy, but also an increasingly competitive supply market. In order for Australian LNG projects to attract investment capital in today’s market, they must be competitive on costs and financial returns. Industry is striving toward this with ongoing technological and efficiency improvements. But we also need a stable fiscal environment and access to natural gas resources. We therefore look to government for leadership in ensuring contract sanctity, opening land for exploration and development and allowing the free market to incentivise new investment. All these actions together would help ensure adequate supplies for Australia’s domestic natural gas market and vital export industry. Additionally, natural gas will be a vital part of the future energy mix in a lower-carbon world. Farsighted government policy can help assure Australia’s growing role in supplying the world with this abundant and affordable source of clean energy. To view the video, click the link on the right.