The Scarborough mine will cost around $16 billion dollars (AUD). Woodside needs to massively expand the existing Pluto gas processing facility to handle the new gas from Scarborough, and that is very expensive.
In order to Say NO to Scarborough Gas, we will also need to Say NO to the companies and big businesses which are financing the project or which make it economically viable.
Without financial backing, Scarborough can not go ahead.
Woodside is pushing ahead with its dangerous Scarborough gas project – but it can’t finance the whole development alone.
Say NO to Global Infrastructure Partners
Global Infrastructure Partners (GIP) – a faceless corporation investing in equity and debt – has entered into a purchase agreement for a 49% stake in Woodside’s planned Pluto Train 2 LNG project. However, the deal offers GIP concessions on regulatory, carbon and construction risks.
If just one of Woodside’s outstanding or contested regulatory approvals is knocked out, GIP has taken the unusual step of stipulating that it can force Woodside to buy it out. GIP can still abandon funding Woodside’s Pluto 2 and Scarborough development instead of signing a cheque for 1.6 billion tonnes of carbon emissions over the next 25 years.
Let’s make it clear to GIP, Woodside is pushing ahead with the Scarborough offshore gas mine while facing two Supreme Court challenges, without the approvals needed for Scarborough to proceed, without the gas contracts needed to support it, and after repeated delays, cost blow outs, and job cuts. By highlighting the project’s risks we can prepare GIP to say NO to Scarborough gas.
Future generations are depending on us saying no to new fossil fuel developments and meeting Australia’s international obligations to drive down emissions.
Pushing GIP to back out of its agreement with Woodside is critical to stopping Scarborough from going ahead.
We can stop Scarborough dead in its tracks if GIP walks away from this project. It’s time to speak up and Say NO to GIP.