Australian Economy Australian LNG Australian Politics

Woodside joins evil gas cartel

Wednesday, 1 June 2022

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.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.