Santos CEO Kevin Gallagher said Australia\u2019s \u201cenormous gas resources\u201d was an advantage in a world \u201cat war for energy security\u201d in Canberra today.<\/p>\n
Gallagher applied pressure to the burgeoning debate around a domestic gas reserve policy at his address to the National Press Club on Wednesday, saying \u201cwe just have to get more gas out of the ground\u201d.<\/p>\n
\u201cWe have more than 240,000 petajoules\u00a0of demonstrated gas resources, enough gas to keep producing at today\u2019s rate for domestic and export markets for almost 40 years,\u201d Gallagher said.<\/p>\n
\u201cAustralia does not have a gas shortage; it just needs to get more gas out of the ground.\u201d<\/p>\n
The boss of the Adelaide-headquartered oil and gas giant that employs more than 1000 locals, called this an \u201cextraordinary comparative advantage in energy that few countries can match\u201d.<\/p>\n
He claimed conflict in the Middle East had \u201cremoved crude oil supply equivalent to seven to 10 per cent\u00a0of global daily demand, more than any disruption since the 1970s\u201d.\u00a0<\/p>\n
\u201cThe world is at war for energy security, even in the places where the guns are silent,\u201d Gallagher said.<\/p>\n
\u201cAs the world enters a new era where energy security is inseparable from economic, social and regional security, unlocking the wealth of Australia\u2019s energy resources continues to be our comparative advantage,\u201d Gallagher said.<\/p>\n
\u201cAustralia\u2019s opportunity is to grasp this advantage with both hands to drive energy costs down, reinvigorate growth in Australian living standards and foster a stronger, more stable Indo-Pacific region.\u201d<\/p>\n
Gallagher, who began his career as a drilling engineer, has been at the helm of South Australia\u2019 number one company in last year\u2019s SA Business Index,<\/a>\u00a0for about a decade.<\/p>\n Today, he called for federal government policy to set the rules for gas companies sooner rather than later, before Santos and other gas producers spend more money on developing Beetaloo Basin gas.<\/p>\n Santos started drilling of its first appraisal well in the Beetaloo Basin in the Northern Territory on Tuesday.<\/p>\n The company claims the Beetaloo resource, developed at scale, could create more than 6500 jobs in the NT and generate more than $9 billion in economic return for Australia over 25 years.<\/p>\n