Speech: Meg O’Neill Address to the 2025 Australian Energy Producers Conference & Exhibition

Thank you, Samantha, for that kind introduction.

Welcome everyone to the 2025 Australian Energy Producers Conference!

I’d like to begin by acknowledging the Jagera and Turrbal people as the traditional custodians of the land upon which we are meeting today.

Thank you also to Shannon Ruska for that wonderful Welcome to Country.

It was a fantastic way to open our conference and mark the start of National Reconciliation Week.

Looking around at this room, it is great to see such strong support for our industry.

Thank you to each and every one of you for the effort you have made to be here.

It’s really valuable for us to come together and share knowledge and debate ideas, with the aim of constantly improving how we work, and how we can chart a brighter future for our industry and the nation in the years to come.

We’ve already had some thoughtful speeches this morning.

Thank you Sam for your dedication to promoting the great work of our members.

And Minister King, thank you for your reflections and your strong advocacy for our industry.

We look forward to continuing to work with you.

I would also like to acknowledge that Senator Anthony Chisholm, Assistant Minister for Resources is here.

Senator Chisolm, thank you for your attendance.

Later this morning we’ll hear from former Australian Treasurer and Ambassador to the United States Joe Hockey and the Queensland Treasurer and Minister for Energy David Janetzki.

I am very much looking forward to hearing their perspectives on the economic and energy challenges facing Australia, and nations around the world.

I would like to take this opportunity to congratulate the Albanese Government on its election victory.

Campaigning for office is not for the faint of heart. It takes passion, discipline and a belief in the idea that Australia can be better. I admire the commitment and endurance of those who run in modern-day elections.

One vital pathway to building a brighter future for Australia is to ensure that we and our regional partners have the energy we need to build prosperity and succeed in the energy transition.

So, I would also like to thank the Government for its clear acknowledgement of the critical role that gas plays in the Australian economy and in the nation’s trading relationships.

The vital importance of gas has also been emphasised by the Liberals and Nationals, and we appreciate this bipartisan support.

The Government’s Future Gas Strategy, led by Minister King, makes a powerful and compelling case for the role of gas in supporting the quality of life in Australia, and in providing energy security in our region.

We thank the Minister for her leadership and vision in laying out this roadmap for Australia’s gas endowment.

The opportunity now is to take real actions that deliver the Government’s Future Gas Strategy.

And Minister King, you have our industry’s support in working together with all stakeholders to achieve this for the long-term.

Celebration of the year’s success

One of my favourite things about this conference is the chance to celebrate our industry’s success in helping meet Australia’s energy needs, and in delivering strong economic outcomes at local, state and national levels.

I think it’s fitting we are here in Brisbane, because this year marks 10 years since the Queensland LNG industry began operating.

It’s hard to imagine the Australian industry without our Queensland operators and I think we should celebrate this achievement with a round of applause.

From the vast offshore fields of Western Australia, the Northern Territory and Victoria – to the rich onshore basins of Queensland, South Australia and New South Wales – and to the emerging basins such as the Perth Basin and the Beetaloo – Australia’s oil and gas industry stands as a powerhouse of innovation and economic strength.

By exploring, developing and producing these resources, we play a critical role in providing the energy needed in Australia and the Asian region.

But we cannot take this for granted.

Reflection on Australia’s energy edge

For decades, Australia’s vast energy resources have provided a major competitive advantage for the nation’s economy.

In particular, safe, affordable and reliable domestic gas has helped underpin the success of many Australian businesses, especially in mining and manufacturing.

While the LNG industry has made a significant contribution to Australia’s prosperity through taxes and royalties, skilled jobs, community support and economic development.

KPMG analysis commissioned by AEP found the gas industry contributed 105 billion dollars to Australia’s gross domestic product and supported 215,000 ongoing jobs across the economy in 2021-22.

This is in addition to taxes and royalties paid to Australian governments, which in 2023‑24 totalled an estimated 17.1 billion dollars.

But our energy edge is at risk.

This is evidenced by forecasts of looming supply shortfalls on both the east and west coasts and weakened investor confidence in investing in new supply.

AEP has this week released a Wood Mackenzie report that analysed Australia as an investment destination.

The study involved data analysis and a survey of CEOs of AEP member companies.

It makes for sobering reading, confirming what many in this room already know.

Certainty around Australia’s energy and climate policies, environmental regulation and timely approvals is critical to driving investment.

95 per cent of respondents said they have had investments directly impacted by a change in government policy or regulation.

Of these investments, a fifth did not proceed or were relocated outside of Australia, and almost half were significantly delayed.

Learning from experiences in prior years, we have an opportunity now to create the foundations for the next wave of energy investment in Australia.

We must continue to make the most of our natural resources and our ingenuity, so that we keep jobs and revenue in Australia.

Implications

What is also at stake is the nation’s ability to compete on the global stage for the industries of the future.

These include artificial intelligence, data centres, critical minerals manufacturing and no doubt sectors we haven’t even imagined yet. All of which depend on reliable and affordable power.

The recent blackouts in Spain and Portugal are a forceful reminder of the consequences of losing reliable supplies of energy, upon which we rely for our daily lives and jobs.

While the causes of the blackouts are still being investigated, what we can see with certainty is that these events reinforce the need to focus on energy security and energy affordability, as well as – and not instead of – emissions reduction.

All three matter.

When we lose sight of any one of these, all three are at risk.

I am encouraged by evidence – including the Government’s Future Gas Strategy – that policymakers are increasingly willing to recognise and speak up for the critical importance of natural gas, including as the stabilising partner to higher levels of renewables and as a lower emissions source of power than coal.

I welcome more government policy decisions to reflect the strategy in practice.

And I think it is time that the opponents of our industry face up to the fact that they are making the energy transition harder and more risky by slowing down investment and trying to take practical options off the table.

If Australia loses its energy edge, we also lose opportunities to contribute to decarbonisation at home and abroad.

As we know, when used to generate electricity, gas typically produces half the life cycle emissions of coal.

Coal demand in the Asia Pacific continues to grow and drive up global emissions.

This underlines why Australia must maximise opportunities to supply LNG to Asian customers who want to reduce their reliance on coal through a combination of gas and renewables.

Furthermore, the opportunity to service growing demand for natural gas is one that Australia’s competitor nations will seize, if Australia is not able to take the opportunities before it.

For example – we have seen significant pro-energy investment policy changes in the USA with the change in administration, and I am eager to hear Joe Hockey’s take on this.

But no one doubts where the US stands on developing its natural resources – the President has declared an Energy Emergency, and prioritised development of the US’s energy resources – both for domestic use and for customers abroad.

And there is genuine urgency to tackle permitting reform and make energy investment easier.

Our offer and our ask

All of us in this room recognise the enormous opportunity that Australia has to help meet essential energy needs – and the necessity of doing so responsibly.

Australian Energy Producers’ message to policymakers here in Australia, is that we will play our part in supplying affordable, reliable energy to customers, while also tackling climate change.

We are committed to doing this through innovation and collaboration.

We are designing and operating out emissions from our assets, implementing CCS, and diversifying into new lower-carbon commodities and technologies.

As a proof point – Australia now has two of the world’s largest CCS projects, with the Gorgon project having sequestered over 11 million tons of CO2 since it commenced operations, and the Moomba CCS project starting up last year.

Something else we’re committed to is ensuring the public discussion about energy policy includes balance and facts.

Through AEP’s advocacy, we are calling out misinformation and disinformation campaigns that seek to downplay our sector’s significant economic and tax contribution, and the essential role of gas in achieving decarbonisation goals.

We appreciate government efforts to help build community understanding of the role of gas and foster support for what we deliver.

It’s vital that people hear the facts about gas and understand its importance to their lives, the Australian economy and decarbonising Asia.

By equipping people with knowledge about energy production, consumption and role in the energy transition, we make it harder for our opponents to spread misinformation, and easier to have the respectful policy debates that can lead to better industry and environmental outcomes.

With a new federal parliament elected, it is an opportunity to finally cut red and green tape, to simplify and streamline Australia’s approvals system.

Cutting red and green tape will promote innovation, and enable businesses to thrive.

And it will create more jobs for Australians.

Streamlining approvals will also drive the productivity growth Australia needs to remain competitive in an increasingly protectionist world.

And in news hot off the press, it was a huge relief last week to see the Native Title Tribunal clear a path for Santos’s much-needed Narrabri gas development to go ahead.

As an industry, we look forward to working with new Environment Minister Murray Watt as he takes on the critical role of ensuring energy development in Australia is conducted responsibly and sustainably.

We acknowledge that Minister Watt is working through the process to take a decision on the North West Shelf extension and we look forward to an outcome.

We all recognise that energy development must meet rigorous environmental standards and maintain the confidence of the community.

The Government’s Future Gas Strategy is a clear roadmap for policy reform to ensure that these objectives are met as the nation’s resources are responsibly developed.

This includes implementing clear and unambiguous offshore consultation rules.

Regulatory loopholes are in no-one’s interests.

The industry fully supports consulting with impacted traditional owners and other stakeholders – but the rules for consultation must be clear to provide predictable outcomes for all parties.

It is also essential that exploration resume in earnest in Australia.

This starts with regular offshore acreage licensing rounds, and clear regulations around the well-proven and safe technology of seismic surveys.

We must get exploration going now to ensure the energy future of the 2030’s and 2040’s is secure.

Conclusion

In closing, Australia has the key ingredients to sustain its energy edge for decades to come.

We have been gifted natural resource potential like few other nations.

We have the talented, capable and motivated workforce we need to unlock the potential.

We have a long track record of supporting downstream domestic industries and providing feedstock and energy to build Australia’s prosperity.

We also have proximity to the world’s fastest growing energy markets, who are looking for secure, reliable supplies to power their own development.

We have the opportunity now to build on the decades of success – unlocking new resources, powering a bright future, and doing so responsibly.

There will be headwinds, but we have the resilience and the vision as an industry to ensure that Australia’s energy edge delivers for every Australian, for decades to come.

Thank you everyone, I wish you a great conference.