Pauline Hanson’s One Nation unveiled an energy policy proposing a Norway-style sovereign wealth fund and a 30% federal stake in offshore licences, limited to Commonwealth waters. The plan aims to secure domestic supplies, share development and decommissioning costs, and speed approvals to six months. Industry reactions were mixed: Amplitude Energy welcomed closer government alignment, while analysts warned the plan is more interventionist and could cost taxpayers.
One Nation Proposes Norway-Style Sovereign Wealth Fund and 30% Federal Stakes in Offshore Oil and Gas
FILE PHOTO: A campaign cutout depicting One Nation leader Pauline Hanson is displayed outside a pre-polling centre ahead of the Farrer by-election in Corowa, Australia, May 6, 2026. REUTERS/Hollie Adams/File Photo
ADELAIDE, May 21 (Reuters) - At the Australian Energy Producers conference in Adelaide, Pauline Hanson’s One Nation outlined an energy policy that would create a Norway-style sovereign wealth fund and give the federal government a 30% stake in offshore production licences in Commonwealth waters.
What the Party Is Proposing
One Nation said the proposed Australian National Wealth Investment Corporation would be industry-led, confined to Commonwealth (federal) waters and would not represent “a socialist takeover,” in Hanson’s words. Under the plan the federal government would take a 30% share of offshore licences, help share the costs of development and decommissioning, and retain part of production for domestic uses — including fertiliser feedstock and fuels. The party also pledged to cut approval times for projects to six months.
Context and Political Backing
The announcement comes as One Nation has gained momentum this year, winning its first House of Representatives seat and attracting high-profile backing from Australia’s wealthiest individual, Gina Rinehart. Rinehart, through Hancock Energy, owns coal seam gas assets in Queensland and onshore conventional gas interests in Western Australia; those state-governed assets would not be affected by Hanson’s Commonwealth-focused proposal.
Industry Reaction
Amplitude Energy CEO Jane Norman said a government joint-venture partner could better align commercial and national interests. Norman also said Amplitude planned to spend A$20 million to secure government approvals for its own offshore exploration drilling.
By contrast, MST Marquee analyst Saul Kavonic described the One Nation proposal as “even more interventionist” than the federal Labor government’s policy and warned it could cost taxpayers money.
How It Relates To Existing Policy
Hanson criticised Labor’s recently announced requirement that energy exporters reserve 20% of natural gas for east coast domestic users — a move that has drawn strong industry concern since its announcement in early May. One Nation says its proposal would be an alternative approach to securing domestic supply while involving industry in a government-led vehicle.
“We want more gas, more oil and more energy to drive our country forward,” Hanson told a packed auditorium in Adelaide.
($1 = 1.4035 Australian dollars)
(Reporting by Helen Clark in Adelaide; Editing by Lincoln Feast.)
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