• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 8 days Does Toyota Know Something That We Don’t?
  • 2 days America should go after China but it should be done in a wise way.
  • 8 days World could get rid of Putin and Russia but nobody is bold enough
  • 10 days China is using Chinese Names of Cities on their Border with Russia.
  • 11 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 11 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 10 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 19 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 11 days Putin and Xi Bet on the Global South
  • 11 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
How Next-Gen Biomanufacturing Can Help Slash Global Emissions

How Next-Gen Biomanufacturing Can Help Slash Global Emissions

Osaka University researchers have developed…

Woodside Energy Reports Positive Progress In LNG Strike Talks

Talks between workers and LNG producers in Australia are continuing this week although there is talk of positive progress.

Woodside Energy, one of the companies risking LNG supply disruptions due to potential industrial action, said negotiations with trade unions had resulted in some “positive progress”, as quoted by Reuters.

On the other hand, the unions themselves have said that differences remain on some key issues, the report notes.

"Positive progress is being made and the parties have reached an in-principle agreement on a number of issues that are key to the workforce," Woodside told Reuters, adding "We continue to engage actively and constructively in the bargaining process."

Woodside and Chevron—the other company involved in negotiations—have good reason to want to speed up things. Together, the two produce a tenth of the world’s liquefied natural gas and last week the very talk about strikes led to a 40% jump in European gas prices.

With 99% of workers at Woodside’s North West Shelf LNG facilities voting for industrial action a few days ago, negotiations have become even more important. The Australian labor regulator has already allowed the strike if the negotiations fail.

"Woodside are well off the pace on key bargaining issues including job security and remuneration," the Offshore Alliance trade union representing the platform workers said on social media.

Chevron workers, meanwhile, are yet to vote on whether they will strike or not, which, according to the trade union, will take place next week.

Meanwhile, Reuters reported that Woodside is likely to report strong first-half results thanks to the resilience in LNG prices, according to analysts.

Woodside’s North West Shelf is the largest LNG production project in Australia, with a capacity of 16.9 million tons annually, followed by Chevron’s Gorgon, which has a capacity of 15.6 million tons. The Wheatstone project, also operated by Chevron, can produce 8.9 million tons of LNG annually.


By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News