Offshore Staff for Australia's Woodside LNG Plant Vote to Strike
Comment of the Day

August 09 2023

Commentary by Eoin Treacy

Offshore Staff for Australia's Woodside LNG Plant Vote to Strike

This note from Bloomberg may be of interest. Here is a section:

 Workers at offshore facilities serving Woodside’s North West Shelf LNG project are seeking a strike, according to results of the voting published Wednesday by Australia’s Fair Work Commission. 

The Australian Workers’ Union voted for protected action options, according to the document

NOTE: That follows a vote to strike by workers at two of Chevron’s LNG facilities in Australia earlier this week; no clarity on timing of a possible action yet
A Woodside spokesperson said Wednesday the “positive progress” is being made in negotiations and that “parties have reached an in-principle agreement on a number of issues”

Eoin Treacy's view

Australia is one of the largest exporters of LNG so any threat to supply sends a shiver through the global market. The reaction in European markets this morning was swift. The price of natural gas in the Netherlands jumped by 40%. On the chart it looks like a blip relative to the size of the move posted in the aftermath of Russia’s invasion of Ukraine.

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