The surging price of gas triggered a six-fold increase in profit at Australia’s largest producer Woodside Energy Group, which predicted demand would continue to grow as Europe struggles with reducing its dependence on Russian supplies.
Liquefied natural gas represents about 70 per cent of Woodside’s business and the volatility in the market following Russia’s invasion of Ukraine this year has sent the price of the commodity soaring.
“What we’ve seen is unprecedented,” said chief executive Meg O’Neill in an interview with the Financial Times. “Prices at this level are not sustainable in the long run.”
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