Woodside joins evil gas cartel

Here it is:

Woodside Energy will receive about $US1 billion ($1.4 billion) in cash as part of its $63 billion merger with BHP Petroleum that was completed on Wednesday – a deal that has turned it into a top-10 global independent oil and gas company.

This will replace BHP with Woodside in the Gippsland JV with Exxon. The JV joins Shell, Origin and Santos as the prime movers in east coast gas cartel that is currently gutting the economy by imposing war-profiteering prices on Australia for its own gas.

Does this change anything? Maybe. For the worse.

One possible solution to the cartel gouge in the east is to connect to WA gas, which has a domestic reservation regime and a price at $5.50Gj versus the east at $40Gj.

This could be done via either LNG or gas pipelines.

But, Woodside holds major gas reserves in WA and wants to develop more to extend the life of its NW Shelf LNG operation. It is now incentivised to prevent gas from going east any way that it can.

As the castrated Albo fiddles, the east coast economy is being dismantled.

Houses and Holes

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