Yes. Gas export projects are more capital intensive and take longer to develop than oil projects. This allows excessive escalation of credits for expenditure for the calculation of PRRT. The PRRT is fundamentally flawed.

Ignore ‘self-serving’ claims from gas giants and implement 100% tax on windfall profits, Ken Henry says Former Treasury secretary says a tax rate was ‘socially optimal’ in submission to a new parliamentary inquiry * Follow our Australia news live blog for latest updates * Get our breaking news email, free app or daily news podcast The former Treasury secretary Ken Henry says “self-serving” claims from gas giants about the risks of a windfall profits and export taxes should be ignored by the Albanese government as it weighs up the intervention ahead of next month’s federal budget. In a submission to a new parliamentary inquiry examining the gas taxation regime, Henry made the case for a 100% windfall profit tax as he rejected the assertion that any changes would heighten perceptions of Australia as a sovereign risk and freeze investment in new projects. Continue reading...

Ignore ‘self-serving’ claims from gas giants and implement 100% tax on windfall profits, Ken Henry says

Cyclone damage shuts Jadestone's Stag oil field off WA Cyclone Narelle has shut down Jadestone Energy's Stag oil field, that now has a sinking mooring for oil tankers and damaged casings around wells drilled from the platform. A number of industry sources told _Boiling Cold_ that the cyclone left Stag, 60km north west of Dampier, with a CALM buoy that has lost buoyancy, and conductors that extend 70 m from the platform deck to the seabed, requiring repairs. The UK-listed and Singapore-headquartered company may not have fully disclosed the cyclone's full impact to offshore regulator NOPSEMA. A NOPSEMA spokeswoman said the company reported that the CALM buoy was damaged, but it was "following up with Jadestone regarding damage to other safety-critical equipment to understand the circumstances, including whether all relevant reporting obligations have been met," she said. "As part of normal practice, NOPSEMA will investigate where the need arises, and where there is potential non-compliance, appropriate regulatory action will be taken." ****Oil is continuously loaded onto a tanker connected to the CALM buoy.**** Image: Stag Environment Plan The CALM buoy sits about 2km from the Stag platform, tethered to the seabed with six chains. It allows oil to continually flow from the platform to a waiting oil tanker. The platform cannot store oil, so there can be no production until the CALM buoy is retrieved and then repaired or replaced. The buoy has six watertight compartments and is designed to remain stable if one is flooded, according to the Stag environment plan, indicating that more than one compartment has been breached. ****Stag's CALM buoy can secure 150,000 tonne tankers****. Image: ONA Consultants Jadestone told investors on March 30 that Stag was damaged after winds from Cyclone Narelle exceeded 200 km/hr, but released no details. Jadestone started shutting down Stag on March 23, and pipelines were cleared of oil and workers moved to shore. A spokeswoman told _Boiling Cold_ that while its damage assessment was continuing, "there has been a partial loss of buoyancy in the CALM buoy and damage to some of the well conductors." "We will provide an update in due course when further information is available." The NOPSEMA spokeswoman said Cyclone Narelle was an extreme storm running down the coast of WA, impacting many offshore facilities. "The industry activated cyclone preparedness plans immediately, and no injuries or major environmental incidents have been reported," she said. Jadestone is claiming insurance for the damage to Stag and the cost of lost production and does not expect Cyclone Narelle will have a material financial impact. Doubling of mercury emissions from Alcoa Wagerup prompts appeals“The government is allowing Alcoa to do whatever they friggin want,” according to a long-term campaigner for better regulation of WA’s alumina refineries.Boiling ColdPeter Milne ## An Australian oil portfolio with a big clean up bill Jadestone produced 11,000 barrels of oil a day in Australia in 2024 from three projects that together impose a $US438 million ($614 million) clean-up liability on it. The $277 million company's other Australian interests are the Montara oil field it owns and operates in the Timor Sea and a 33 per cent stake in some Carnarvon Basin oil fields operated by Woodside. Jadestone, then called Mitra Energy, bought Stag off Santos in 2016 for $US10 million ($14 million). Stag has been in the red for each of the five years to 2024, according to accounts filed with corporate regulator ASIC, with a total loss of $US63 million ($88 million). During that time, annual daily production has fluctuated between a high of 2,672 barrels a day in 2023 to a low of 2,005 barrels a day in 2024. Stag contributes about five per cent of Jadestone's production. Jadestone has recorded a $US127 million ($179 million) liability for decommissioning Stag and expects work to begin in 2036. The accounts note that this estimate assumes some equipment can be left on the seabed based on past decisions by NOPSEMA despite "under Australian legislation, complete removal of offshore assets is mandated." Montara produced 5262 barrels of oil a day in 2024 and made a loss of $US15 million ($21 million), according to the latest annual report filed with ASIC. In September 2025 NOPSEMA directed Jadestone to urgently address corrosion on its 36-year-old Montara Venture oil vessel which "may pose significant safety and environmental risks." Production from Montara was threatened by industrial action by workers for Jadestone subcontractor Legineering just as oil prices are at record highs. However, the union Offshore Alliance announced on Monday that its members had accepted a pay rise deal. Jadestone has a provison of $US201 million ($282 million) for decommissioning Montara and expects work to start in 2031. Jadestone slammed for dangerous corrosion in WA oil vesselNOPSEMA has ordered Jadestone to urgently address corrosion on its aged Montara Venture oil vessel in the Timor Sea, which “may pose significant safety and environmental risks.”Boiling ColdPeter Milne In 2022 Jadestone bought a one-sixth share of the Cossack, Wanaea, Lambert and Hermes (CWLH) oil fields fom BP and in early 2024 doubled its stake with a purchase from Japan Australia LNG, a Mitsui and Mitsibishi joint venture. In 2024 Jadestone's share of production averaged 3711 barrels of oil a day and it made a $US36 million ($50 million) profit from CWLH. It has provisioned $US110 million ($154 million) for its share of the cost of decommisioning from 2037 onwards. Like Stag, this estimate assumes NOPSEMA will allow some equipment to be left in the ocean. Jadestone has contributed $US169 million ($237 million) to a trust fund to cover this future cost at CWLH. The CWLH fields are not curently producing as the Okha production vessel sailed to Singapore for planned maintenance in January. Jadestone Energy's Australian subsidiaries have entered into a deed poll with the the Australian Government to ensure ithe decommissioning costs will be paid when they arise. The parent company must provide financial security to the Government when its future after tax tax flow is no longer 25 per cent higher than its decommissioning liability.

The London-listed company may not have fully disclosed to the regulator the full extent of damage to its field off the Pilbara coast.

On Ben Roberts Smith war crimes, it’s a major problem in this dumb country that the wrongheaded views of Gina Rinehart are reported on as they are. She inherited a mining fortune. That’s it. She’s irrelevant. Or should be. #insiders

This is so well done. 👌

Doubling of mercury emissions from Alcoa Wagerup prompts appeals "The government is allowing Alcoa to do whatever they friggin want," according to a long-term campaigner for better regulation of WA's alumina refineries.

The WA government has extended the licence of Alcoa's Wagerup alumina refinery, where 70% of the mercury in the processed bauxite is released into the atmosphere.
www.boilingcold.com.au/doubling-of-...

Aussies hit as gas giants reap export rewards: research Santos' $33 million of company tax in 10 years is less than one-thousandth of its Australian revenue, according to Market Forces.

Over the past decade, the company tax paid by Santos has been less than one-thousandth of its Australian revenue.
From AAP.
www.boilingcold.com.au/aussies-hit-...

We cannot celebrate tinkering when it comes to gambling reform. Labor’s response falls tragically short | David Pocock What the Albanese government is proposing is not evidence-based, and it will not reverse the normalisation of gambling among young people

The only explanation for @albomp.bsky.social not dealing properly with the harm gambling advertising does (including, and especially to children) is that he’s hostage to vested interests. He lacks the courage and leadership to stop this trade in misery. #auspol

It's all about Labor Labor Labor.
What we've done.
What we'll do.
Typical major party inward focus #auspol #npc

The Press Club cancelled Pulitzer winner Chris Hedges after he submitted a speech on the killing of Palestinian journalists, then booked Israel's ambassador instead.

If you wonder why media reporting on Gaza genocide has been so disappointing this is what they think is normal.

Cyclone Narelle shuts 44pc of WA gas supply Santos' Varanus Island is not producing gas. Nor are the shuttered North West Shelf and Wheatstone plants.

Cyclone Narelle has shut down 44pc of WA's gas supply and hit LNG exports just when they are needed most.
Chevron's Wheatstone, Santos' Varanus Island and Woodside's NWS are all not producing.
www.boilingcold.com.au/cyclone-nare...

Cyclone closes Woodside's giant North West Shelf gas plant As Asia scrambles for gas, another Australian gas export plant is out of action.

Woodside's North West Shelf gas export project - Australia's largest - is without power after Cyclone Narelle travelled along WA's Pilbara coast.
>>>>> BREAKING NEWS <<<<<
www.boilingcold.com.au/cyclone-clos...

Santos shuts down Barossa LNG amidst global gas crunch The troubled $6 billion flagship will be out of action "for a number of weeks," just as Santos' customers are desperate for gas to replace supply from the Middle East.

Santos, which has seen its share price jump 19 per cent in a month due to a global oil and gas shortage, has quietly shut down its flagship Barossa LNG export project for several weeks.
An exclusive from Boiling Cold.
www.boilingcold.com.au/santos-shuts...

Amid a global supply chain crisis Yara has been forced to shut down Australia's largest ammonia plant for 2 months
ICYMI, the technical problems revealed by Boiling Cold on Saturday are a blow to the supply of fertiliser to farmers and explosives to WA's miners
www.boilingcold.com.au/glitch-shuts...

Australia's top fertiliser input plant shuts for 2 months The shutdown of the Yara Pilbara plant comes as a quarter of global trade in ammonia, used for urea fertiliser and mining explosives, is blocked by war.

Glitch shuts Yara Pilbara, Australia's biggest maker of vital fertiliser input ammonia, for two months. The shutdown comes as a quarter of global trade in ammonia, used for urea fertiliser and mining explosives, is blocked by war.
www.boilingcold.com.au/glitch-shuts...

It’s a pleasure.

Honest Government Ad | How to be Merica's b|tch YouTube video by thejuicemedia

The forest and water supply disaster that is Alcoa in WA is brilliantly summarised by @thejuicemedia.com
After 3 years covering Alcoa's misdeeds great to see it get the national attention it deserves (and very happy to see 3 headlines and two FOI documents of mine featured).
youtu.be/FWrdQxmGlO8?...

Cheers to everyone who delayed fossil fuel phaseout by saying "you can't switch off fossil fuels overnight"

Because thanks to them everyone now has to face a situation where fossil fuels are switched off overnight 🙃🙃🙃

Labor breaks vow and risks WA's water supply for Alcoa Roger Cook granting Alcoa greater access to mine near Perth's dams risks could cost taxpayers billions of dollars and result in water restrictions

Why? Because, as a company, Water Corp has a legal responsibility to protect its assets that overrides Roger Cook direction to "ensure there is a clear path of where mining is preferred into the future."
If you are not part of the cover-up, you get pushed out.
www.boilingcold.com.au/wa-labor-put...

Lack of oversight at Alcoa’s mines raises fresh concerns over Perth’s drinking water Documents show Water Corporation was locked out of Alcoa’s mining sites in state forest, while several state government departments were also keeping them in the dark.

In Perth's hills, Alcoa is stopping Water Corp from inspecting mined water catchments, and in the city, government departments are blocking information flow to the utility.
www.watoday.com.au/national/wes...

Wandoo oil off WA gives Vermilion a profit-free decade No profit, falling production, inadequate maintenance, a safety plan in limbo and a big clean-up if exploration fails: challenges aplenty at the Canadian company's only offshore facility.

Wandoo oil off Western Australia gives Vermilion Energy a profit-free decade.
No profit, falling production, inadequate maintenance, a safety plan in limbo and a big clean-up if exploration fails.
Challenges aplenty at the Canadian company's only offshore facility.
www.boilingcold.com.au/wa/

The Albanese Government's case for crackdown on FOI fell apart when it became clear that there is no "flood" of FOI requests.

Case load is about the same as 20 years ago. The extra costs and delays are a result of FOI officers spending their time trying to block access and censor documents.

WA subs base the only reason for AUKUS

"There are too many challenges to Australia’s acquisition, operation and maintenance of these boats for any rational person to believe they will arrive as promised. AUKUS’s main game is the base that Australia intends to give to the US at HMAS Stirling in Western Australia." satpa.pe/9bOJWb6

"Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed."

-Dwight D. Eisenhower, 1953

“If the United States has concerns about <INSERT COUNTRY HERE>, then we also have concerns about <INSERT COUNTRY HERE>.

theshovel.com.au/2026/03/02/a...

Honest Government Ad | Woodside YouTube video by thejuicemedia

I came across this Woodside CEO recruitment video.
youtube.com/watch?v=zhok...

You may want to assist them in finding a suitable candidate by reposting!

Australian oil & gas lags in disclosing $44b clean-up bill Santos' decommissioning liability matches a quarter of its $22b value, but its disclosures to investors fared poorly against the latest accounting standards, according to an international survey.

Australian oil & gas companies are leaving investors in the dark about their exposure to a $44b decommissioning bill, disclosing much less information than UK and Canadian firms, according to @carbontracker.bsky.social www.boilingcold.com.au/australian-o...

Is Black Mountain's Kimberley dream fracking impossible? Investors beware: after spending more than $40 million in the Canning Basin, the US-owned company's continued pursuit of remote gas appears to be throwing good money after bad.

Investors beware: after spending more than $40 million in WA's Canning Basin, Black Mountain Energy's continued pursuit of remote gas to frack appears to be throwing good money after bad. ANALYSIS.
www.boilingcold.com.au/is-black-mou...

Alcoa slugged $55m over illegal jarrah forest clearing The US miner illegally destroyed the habitat of endangered black cockatoos for six years.

US miner Alcoa illegally cleared the habitat of endangered black cockatoos for six years. From AAP.
www.boilingcold.com.au/alcoa-slugge...