Woodside CEO Meg O’Neill addressed the Melbourne Mining Club at the Melbourne Town Hall last week, calling for a more pragmatic, fact-based approach to Australia’s energy policy.
In a speech that touched on energy security, economic competitiveness, and decarbonisation, O’Neill cautioned against prematurely dismissing potential energy solutions and emphasised the importance of gas as a transition fuel.
O’Neill highlighted the weakening of productivity growth and increasing global protectionism as challenges to Australia’s economic success.
She warned that moves by the US to deregulate its economy and spur energy investments further exacerbate the competitive pressures on Australia.
She stressed the historical advantage of affordable gas for Australian industry, stating: “We must keep it this way — to safeguard the businesses we have now, and hopefully, to attract businesses in new industries of the future.”
The CEO pointed to the increasing energy demands of emerging industries like artificial intelligence as further reason to ensure a reliable and affordable energy supply.
“No matter how our economy evolves, we will succeed or fail on the strength of our energy system,” O’Neill asserted.
O’Neill acknowledged the necessity of tackling climate change but argued against excluding any particular energy source or technology.
She championed gas as an “ideal source of always-available power” to support Australia’s expanding renewable energy grid and as a means to decarbonise Asia by switching from coal-fired power.
“The reality is we get far more impact from replacing coal in Asia with Australian LNG, than we do from asking Australian consumers to switch their household appliances from gas to electric,” she stated.
O’Neill urged government action to reduce red tape hindering new energy projects and to challenge activist organisations using “lawfare” to advance political agendas.
She cited Woodside’s North West Shelf Project Extension proposal as an example, noting the six years spent navigating WA’s environmental approvals system despite bipartisan support.
“We need action to reverse this trend and make sure Australia is a place that proudly homegrown Australian companies, like Woodside, can continue to invest in for the long term,” she said.
O’Neill affirmed the industry’s responsibility to focus on technology and innovation, maintain social and economic contributions, and decarbonise in line with national and international goals.
“As we navigate this shared challenge, we must have the courage to keep all options on the table and be guided by the facts as we map a prosperous future, together,” O’Neill concluded.
The speech was attended by prominent figures including Melbourne Mining Club co-patrons Hugh Morgan and Leigh Clifford, former Woodside Chair Charles Goode, and former Woodside CEO and Managing Director, Charles Allen.
