Now this is some good news on gas for once.
The planned LNG import terminal at Port Kembla, backed by billionaire Andrew Forrest’s Squadron, will not be ready to receive gas until at least mid-2027, delaying a key project intended to safeguard Australia’s east coast energy supply.
Rob Wheals, the chief executive of Squadron Energy, confirmed it extended the lease of its floating storage and regasification unit (FSRU), Hoegh Galleon, to an Egyptian customer where it is moored for another 12 months. That pushes out the vessel’s planned return to Australia and removes an imminent emergency backstop for the domestic market. Egypt’s eGas will hold on to the vessel until the end of 2026.
Sheer lack of interest is my guess. Why? Because gas landed via this floating energy disaster is $21Gj.
While at home it is still a preposterous $12.58Gj.
How is nearly doubling ridiculously high gas prices even considered a solution versus s little bit of domestic reservation for spot volume, as outlined in Peter Dutton’s policy.
Twiggy’s LNG gouger will hopefully sink next. Perhaps some Australian navy vessel visiting the Gulf can do us all a favor and sink it.
