Woodside Energy Chief Executive Meg O'Neill has thrown her support behind the Federal Government's proposed environmental law reforms, describing them as a positive move for Australia's energy sector.
Environmental Law Overhaul Welcomed
The Woodside boss spoke at the Australian Energy Producers annual meeting in Perth on Thursday, where she serves as chair. Ms O'Neill declared the EPBC Act reforms "a welcome step towards fixing a system that is delaying projects, increasing costs and litigation, and driving away investment."
Her comments come after Treasurer Jim Chalmers urged Western Australian businesses to push Canberra for a swift resolution on updates to the Environment Protection and Biodiversity Conservation Act, which is due before the Senate next week.
However, Ms O'Neill cautioned that the proposed laws still require "appropriate amendments" to ensure they meet industry needs while maintaining environmental protections.
Gas Industry Open to Reservation Scheme
Amid growing warnings of a looming gas shortfall on the east coast, the Woodside CEO signaled the gas industry's willingness to consider a reservation scheme linked to new supply developments.
"A well-designed, prospective reservation policy for the east coast that is linked to new supply can be part of the solution," Ms O'Neill stated during her address.
She emphasized that any reservation policy "must be backed by immediate actions to address near term supply challenges," adding that "the most effective way to put downward pressure on prices and ensure a well-supplied gas market is to increase supply."
Industry Pressures and Delays
Woodside's own investment plans have faced significant delays due to regulatory hurdles. The company has waited nearly seven years for approval of its proposal to extend the life of the North West Shelf Gas Plant, with most delays occurring at the State Government level.
The Business Council of Australia has also joined calls for a quick resolution on the EPBC laws this week, advocating for several key changes to the proposed legislation.
The Coalition had previously advocated for a reservation scheme ahead of the May election, raising concerns among existing operators about potential impacts on current operations.
Western Australia already requires offshore gas producers to pipe 15 percent of their supply to the local market, though that policy was implemented before final investment decisions were locked in.
Ms O'Neill stressed that the Federal Government's review of the east coast gas market needs to "break the cycle of short-term fixes" to ensure long-term energy security for Australian consumers and businesses.
