Big gass is taking the piss
We will revisit this tomorrow as well, but research director Rod Campbell made some more excellent points about the latest gas project approval:
The export gas project that was just approved is Santos’ Barossa project. If it sounds familiar, that’s because of Barossa’s many, many scandals:
- Long–running legal battles with Tiwi Islands traditional owners.
- It is particularly polluting. Barossa has more CO2 in its gas than any other gas field in Australia, 6x worse than Woodside’s North West Shelf.
Because of its battles with traditional owners and massive pollution, international investors have been pulling out of it, notably South Korea’s government-backed bank. The legends over at Market Forces keep a tally on which banks have ruled out lending money to Barossa.
Here’s the most pathetic bit – in order to help Barossa look a little bit cleaner to foreign banks, the Australian Government changed environmental rules as a favour for Santos (here’s our sub). The change meant Santos can send Barossa’s pollution to the Timor Sea for dumping, aka “Carbon Capture and Storage” (CCS).
CCS is, of course, a scam that has failed for decades.
As usual, this gas will be given to Santos for free. Barossa will pay no royalties and no gas exporter has ever paid petroleum resource rent tax.
Free gas, massive pollution, conflict with TOs.
Big Gas is taking the piss, particularly Santos.
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