Australian LNG

It appears One Nation has killed the company tax cut.

Josh Frydenberg is either lost or corrupt on energy.

Via the AFR: Planned changes to toughen the Petroleum Resources Rent Tax are being temporarily withheld, in part so they can be used as leverage should One Nation waver in its support for the remainder of the company tax cuts, senior sources have revealed.

Via The Australian: Leading gas market analysts Wood Mackenzie and EnergyQuest are tipping east coast gas prices to rise above $10 a gigajoule, despite federal government and gas industry moves to divert more supplies to domestic markets.

Pardon me while I puke.

Via the AFR: Industrial gas users representing more than 10 per cent of east coast domestic demand are at risk of closure because of high gas prices, with upward pressure on tariffs only set to worsen, according to leading industry consultancy Wood Mackenzie.

Ambrose Evans-Pritchard has the bit between his teeth: Donald Trump could hardly have chosen a more treacherous economic moment to tear up the “decaying and rotten deal” with Iran.

Oil is off the hook post-Iran deal: Is the price run legitimate?

Via Domainfax: Oil and gas multinationals would pay an extra $4.2 billion in tax over four years under a royalty policy costed by the Parliamentary Budget Office, as resource giants prepare to be hit by new taxes in Tuesday’s budget.

Gas cartelier, Origin Energy released results yesterday, via the AFR: For the first nine months of 2017-18, sales from APLNG were up 48 per cent at $1.48 billion.

The ACCC is out with its latest gas failed market report: This is the third interim report of the Australian Competition and Consumer Commission’s (ACCC) inquiry (‘the Inquiry’) into gas supply arrangements in Australia.

If a report from Domainfax is true then the Xenophon dregs are complete morons: It is understood next month’s budget will tackle longstanding concerns about the way energy companies are taxed by curbing “uplift concessions”, which determine tax deductions associated with exploration and construction.

Perverse stuff from The Guardian as it recounts Alan Jones talking with Josh Frydenberg yesterday: “We’ve also seen states lock up decades worth of resources when it comes to gas,” the energy minister noted.

Via The Australian: A new $US1 billion ($1.3bn)-plus petrochemical plant proposed for development on Western Australia’s Burrup Peninsula is facing a major hurdle after oil and gas giant Chevron told the proponents it may not be able to supply gas to the project.

You couldn’t make this stuff up, via the ABC: The Federal Government has awarded a $6 million grant to a gas producer wholly-owned by a massive Chinese company said to have close links to the country’s Communist Party.

Via Ben Potter: The Turnbull government looks set to win approval in-principle from states and territories for the architecture of its National Energy Guarantee at Friday’s energy ministers meeting.

The combination of an evil government and the reflexive support of Newscorp has doomed the Australian energy market.

The truth comes out: Victorian Energy Minister Lily D’Ambrosio says the state will not sign up to Malcolm Turnbull’s signature energy policy tomorrow, demanding more information before the Andrews government makes a final decision by August.

Via the AFR: State Labor governments are expected to support the Turnbull government’s National Energy Guarantee at Friday’s Council of Australian Governments energy council meeting, but are keen to ensure a future Labor government can increase carbon emission reduction targets.

Via The Australian: “We’ve already seen what happens when states pursue different strategies, and it’s obvious we need a single, united approach,” ­Cement Concrete and Aggregates Australia chief executive Kim Slattery said.

Via Domainfax: The Turnbull government is set for showdown with states and territories over its signature energy policy after new details of the plan revealed any additional efforts by the states to curb carbon emissions would not count towards the national target.

Australian manufacturing has been put out of business by two irresistible forces.