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Nigel Hearne is warning against regulatory instability in the oil and gas sector. Photo: Philip Gostelow

Tax uncertainty, competition cloud decision making

First gas at the final train of Chevron's Gorgon project and two potential significant Woodside-led brownfields LNG projects are positives for an offshore energy industry under pressure.

An upcoming federal government report into oil and gas producers’ taxation arrangements has heightened the uncertainty for the major energy players in a local market facing steep competition from North America.

Only one major project has achieved final investment assent in the past 12 months, the Woodside Petroleum-led $US2 billion Greater Enfield project, while a number of major producers are planning considerable future capital investments to ensure they will have enough gas to keep their expensive LNG processing facilities running at top capacity.

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