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Australian LNG industry is absolutely cooked right now.

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(June) One in three tankers loaded with cargoes of Australian liquefied natural gas last month is either anchored at sea or taking a longer-than-usual journey to its destination as coronavirus prompts more buyers to delay deliveries.

smh.com.au/business/the-e…
(July) Crucial pressure vessels that Chevron was to install on its $US54 billion Gorgon LNG plant have thousands of dangerous cracks and a solution may cut production for months.

boilingcold.com.au/cracks-at-chev…
(Aug) Major Australian insurer Suncorp will end any financing or insuring of the oil and gas industry by 2025, adding to the group’s existing ban on support for new thermal coal projects. theguardian.com/environment/20…
(Aug) Prelude FLNG is the largest floating object ever built... With five times the steel of the Sydney Harbour Bridge and half a kilometre long... it risks becoming the world's biggest white elephant. abc.net.au/news/2020-08-2…
Inpex slashes value of Prelude LNG by a third

boilingcold.com.au/inpex-slashes-…
Santos posts loss.

theage.com.au/business/compa…
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More from @Tom_Swann see all

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Tom Swann
@Tom_Swann
Should be no secret to people in finance, but probably is to the rest of the country.

👉Fossil fuels were the /worst/ performing share market sector over the last decade.👈

If you invested in fossil fuels, you probably lost a lot of money.

New report: tai.org.au/sites/default/…
Fossil fuels performed worse than all other sectors both pre and post crash. Even before the COVID crash, investments in the ASX 300 Energy index would have sent you backwards over the decade, not even including inflation.
If you simply took the Energy sector out of the ASX 300, you would have got significantly higher returns over the decade.
Read 12 tweets
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Tom Swann
@Tom_Swann
After a no show the first time around, Chair of the National COVID19 Coordination Commission Neville Power now answering questions from the Senate COVID Commission.

Thread is live tweeting.
COVID Commission spent first five weeks solving problems, now is "working with industry" to develop COVID safe plans and strategic planning for recovery.
Mr Power reiterates his view that we should extract more gas.
Read 84 tweets
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Tom Swann
@Tom_Swann
The Public Servant who is the CEO of the Nev Power commission says he doesn't know which Departments the Commission's manufacturing taskforce has been speaking with. Other than the department for fossil fuels, of course. #auspol #oversight
Admits the process is "opaque".
The CEO of the COVID Commission is unable to describe when and how its documents will become cabinet in confidence.
Read 22 tweets

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