Australia’s LNG sector faces growing fiscal, regulatory and legal pressures that leading producers say could threaten investment in the sector. Australia’s federal budget for the 2023-24 financial year starting on 1 July is due to be announced on 9 May, putting the prospect of changes to the government’s petroleum resource rent tax (PRRT) front and centre for some. The PRRT is a profit-based tax on offshore upstream gas projects that allows for deductions for the cost of exploration and development. Volatile commodity prices make fiscal stability and predictability critical to investment in the sector, Australian independent Woodside Energy’s chief executive Meg O’Neill says.
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