Korea Inc in $1b domestic gas play as Labor’s King backs LNG
South Korean steel maker Posco will partner with Gina Rinehart to pump more gas into the domestic market with a $1 billion coal seam expansion, as the Albanese government insists the fuel is vital to reaching net-zero emissions by 2050. With work set to begin in coming weeks, one of Australia’s biggest Asian energy allies and Ms Rinehart’s Hancock Energy aim to lift annual production at their jointly owned Queensland Senex venture in the Surat Basin to 60 petajoules within two years. Senex says the investment, which still needs approval by Environment Minister Tanya Plibersek, will create more than 200 construction jobs at its Atlas and Roma North projects, and help close a looming shortfall in domestic gas supplies that the competition regulator said this month could reach more than 56 petajoules, or 10 per cent of forecast 2023 demand.