Coleman blasts 'complacent' gas industry

Woodside CEO Peter Coleman.

Woodside CEO Peter Coleman.

Woodside CEO Peter Coleman has blasted the gas industry, saying it has failed to deliver on its promises.

Speaking at the Australian Petroleum Production and Exploration Association (APPEA) Conference in Brisbane this week, Mr Coleman said complacency in the gas industry has it lagging behind coal as a fuel source.

“We’ve spent more than $200 billion on Australian LNG, when it actually started at $100 billion,” Mr Coleman told delegates.

“We didn’t deliver on our promises.”

Mr Coleman also slammed the length of time it has taken for projects to be built, including making them too complex.

“We were taking years to build our projects and we have become too expensive, we allowed the opposition, the competition to come in and take our place,” said Mr Coleman.

“The fact that gas holds such a low percentage of fossil fuel usage today is our complacency – the fuel itself hasn’t changed.”

Woodside recently shelved its plans to develop a floating LNG (FLNG) facility for the Browse gas field off the north western coast of Australia, citing the economic environment as unfavourable for such a massive investment.

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