The Australian far-right party proposes a state oil company and oil fund similar to Norway

One Nation, the Australian populist group led by Pauline Hanson, said it wanted to create an offshore production licenses fund in federal waters and a sovereign wealth fund in the style of Norway. It announced its 'energy policy' at the Australian Energy Producers Conference in Adelaide. One Nation, the Australian populist party led by Pauline Hanson, has gained popularity in recent years, winning their first House of Representatives seats. Gina Rinehart has also backed them, donating a plane and hosting dinners.

Rinehart owns coal seam-gas?assets, in Queensland, and conventional onshore gas assets, in Western Australia, through Hancock Energy. They are not affected by Hanson’s national policy and are governed under?state laws. One Nation, however, has campaigned in the past against coal seam gases.

Hanson said to a packed auditorium, "We want more gas, oil and energy to move?our country ahead." Hanson stated that she was against the Labor Government's new scheme which requires energy exporters reserve 20% of their gas for domestic east coast users. The energy industry has been in dismay since the announcement early May.

She claimed that the Australian National Wealth Investment Corporation would not be a socialist takeover, would be led by industry and only apply to Commonwealth water. Her plan would have the federal government taking a 30% stake in offshore licenses, sharing?development costs and decommissioning, and retaining a part of production, such as fertilisers and fuels, for domestic use. She added that approval times would be reduced to six months. Jane Norman, CEO of Amplitude Energy, said that a joint venture partner with the government could align their interests better. She said that her company would spend A$20,000,000 ($14.25,000,000) to secure a government approval for its own offshore exploration drilling.

MST Marquee analyst Saul Kavonic stated that the proposal is "even more intervenist" than Labor’s policy, and will cost taxpayers' money.

(source: Reuters)