How the energy sector went from pariah to powerhouse
A stunning turnaround has given the sector confidence that - for all the urgency created by climate change - the world will need oil and gas for years and possibly decades to come.
The turnaround is nothing short of stunning. Less than two years ago, Australian oil and gas giants Woodside Petroleum and Santos looked like pariahs. The oil price had crashed amid a global pandemic panic, comically touching minus $US40 a barrel in April 2020 as the world went into lockdown.
Dire predictions of a permanent change in oil demand reverberated across the global economy. The investors who hadn’t deserted the sector because of falling commodity prices fled on environmental grounds, fearing petroleum producers were being left behind by the global decarbonisation push.
James ThomsonColumnistJames Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
Angela Macdonald-SmithSenior resources writerAngela Macdonald-Smith writes on the resources industry with a focus on energy, including gas, oil, electricity and renewables. Connect with Angela on Twitter. Email Angela at amacdonald-smith@afr.com
