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business/news//Australian Financial Review
The chairman of global oil giant Chevron says Australia is a prime example of a country that has risked fuel shortages because of poor policy choices.
Chevron's chairman criticized Australia for policy decisions risking national fuel shortages.
KEY POINTS
Chevron deems developing new Australian oil and gas reserves too expensive compared to other options.
Chevron's Australian projects struggle to attract investment compared to the company's global ventures.
Australia's energy security is flagged by Chevron as potentially threatened by current regulatory approaches.
The chairman of global oil giant Chevron says Australia is a prime example of a country that has risked fuel shortages because of poor policy choices, adding it would be too expensive to develop new local reserves.
Michael Wirth, speaking at a major investor summit in New York, said projects in Australia could not compete for capital against Chevron’s other growth options. The Houston-headquartered company is Australia’s biggest exporter of liquefied natural gas and is among the world’s five largest oil producers by market value, behind Saudi Aramco and ExxonMobil.
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