Dr Bethune describes himself as a ‘latecomer’ to the gas industry having been involved in economic and financial analysis for much of his early career. It was Santos who offered Dr Bethune his first opportunity in the gas industry in 1995 appointing him as General Manager Finance and Investor Relations. Looking back Dr Bethune describes his time at Santos as an entrée into a terrific industry and an opportunity of which he is very appreciative.

During his ten years at Santos Dr Bethune thought there was a need in Australia for an organisation to put out regular market analysis of Australian oil and gas. In 2005 he responded to that need by founding EnergyQuest.

What are the top two steps the gas industry needs to take to stay competitive in a carbon constrained economy?
The first step the gas industry must take is to promote the benefits of the industry more widely. Currently there are even people in the gas industry who talk about gas as a transition fuel, which sends a message that the industry will only be needed for the next ten years and will become redundant after that.

In a heavily carbon constrained world, gas can play a major and permanent role in the energy market. The gas industry has to market itself as providing energy for the long term. This is not just a challenge for Australia’s gas industry. The international Gas Industry Union is also focused on the importance of promoting the industry to a wider audience.

The second step to ensure the industry stays competitive in a carbon constrained economy is to ensure that the opportunities presented by the domestic market are not overlooked amidst the exuberance of recent developments in LNG. The industry must not lose sight of the continuing importance of the domestic gas market and needs of domestic gas buyers.

Greatest achievement of the gas industry in the last five years…
One of the greatest achievements is finding that Australia has a lot more gas than was initially thought. Only five years ago Australia was looking at importing gas from Papua New Guinea. Now Australia is exporting gas on the west coast and will soon be exporting it on the east coast as well. Turning what was a problem resource (coal seam gas) into a major global opportunity has been a huge achievement.

On the role of government in the energy market…
I would like to see a more level playing field between different fuel sources in a carbon constrained world. Currently we see a lot of incentives for wind and solar and also see a lot of investment into research and development for carbon capture and storage for coal. While I’m generally not in favour of government support, I would say that any incentive given should be given on a level playing field.

The major incentive would ideally be a carbon tax or emissions trading and within that framework the market should be able to sort out which energy sources develop and which don’t.

The gas industry needs certainty from government. While billions of dollars are being invested in LNG there are no new significant gas-fired power stations under construction. The combination of uncertainty about generation in New South Wales, the carbon uncertainty, and the decision of the Queensland Government to leave development to the private sector has led to an environment in which there are not too many things facilitating the development of gas-fired power stations.

Advice to new entrants in the gas industry
Congratulations! The gas industry is a good industry to build a career in.