The federal government has given a draft approval to extend Woodside's controversial North West Shelf project in WA, but with strict conditions on emissions and cultural heritage protection.
The government has 10 days to formally approve the extension, which would see gas extraction continue until 2070.
Lead analyst for Australian gas at the Institute for Energy Economics and Financial Analysis, Josh Runciman says the biggest consumers of gas - Japan and Europe - are already slashing their demand for LNG as renewables crowd out gas. And he says LNG demand in China is expected to be 15 per cent lower this year than it was in 2024. Mr Runciman also says it appears as though Woodside's strategy is to be the "last man standing" as the market declines.
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