Australia's richest people are behind a frenzy of activity to secure a slice of onshore gas assets in Western Australia, despite the Commonwealth's decision to cap prices. Energy reporter Dan Mercer explains why.
abc.net.au/news/billionaires-circle-perth-basin-gas-fields-despite-gas-price-cap/101781478From Adelaide to the back blocks of Queensland, the passage of federal laws to cap the price of gas sparked a wave of gloom in the industry.
But on the other side of the country, a remarkable race is underway between three of Western Australia's – and the country's – richest people to secure a share of the state's burgeoning onshore gas industry. In doing so, Mr Ellison joined the fray in the rush for onshore WA gas assets alongside fellow Perth squillionaires Kerry Stokes and Gina Rinehart.
Through Beach Energy, in which Mr Stokes' Seven Group has a 30 per cent share, the 82-year-old had significant sway over half of the Waitsia gas project, north of Perth.