'Won't be some socialist takeover': Pauline Hanson unveils gas policy

One Nation leader Pauline Hanson would upend the oil and gas sector by scrapping a current tax and bringing the government in as a 30 per cent partner under her policy for the sector.

She announced she would grandfather the petroleum resource rent tax and replace it with a royalty on production, dump the net-zero policy, lengthy environmental approval processes and red tape policies at an energy conference in Adelaide.

"Australia's gas reserves are nothing short of a miracle. For a country with only 0.3 per cent of the world's population, we supply nearly 10 per cent of the world's exported gas," she said.

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"Public unrest is building because successive governments have failed to secure their share while pursuing policies that risk killing the industry that generates that wealth."

Hanson said she would instead guarantee six-month approvals and establish an equity model that provides a 30 per cent rebate on offshore oil exploration in exchange for 30 per cent government equity, with profits to go into a sovereign wealth fund.

"This won't be some socialist takeover. It must pay its way into any existing project under commercial arm's-length terms, not under compulsion or coercion," she said.

"The equity model gives flexibility to support domestic manufacturing or capture high export prices.

"Under One Nation's policy, the government will have skin in the game as a true partner to industry, maximising returns to the Australian people."

Currently, the federal government regulates the sector and collects income through the petroleum resource rent tax, while state governments collect royalties.

At a press conference after her speech, Hanson said she has not talked about her policy proposal with benefactor Gina Rinehart, but has consulted the industry, which has not pushed back against it.

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One Nation MP Barnaby Joyce, who defected from the Nationals, said the policy would cost about $150 million, with savings to come from winding back Labor's climate policy.

"That's premised on exploration costs," he said.

The right-wing leader admitted some of her policies were based on what countries like Norway and Japan were doing with their resources, which was criticised by Resources Minister Madeleine King.

"We, as a government, develop our policies with a focus on Australia and not with Norway. I also note that Norway is very different from Australia, it's a unitary system, we're a federation," King said.

"For One Nation to cherry-pick parts of a system of another country... just speaks to their lack of knowledge of our gas system and, by the sounds of it, our political system as well."

King accused the minor party of being hypocritical after its newly elected MP joined the Liberals in failing to endorse a South Australian government bill that would end the blanket ban on fracking in the MacKillop region.

"The hypocrisy of One Nation and the Liberal Party are remarkable and now very, very obvious after their respective statements in South Australia this week," she said.

Hanson defended the move, saying it was due to fracking being on agricultural land and opposition from constituents.

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Opposition Leader Angus Taylor also appeared at the same energy conference earlier today and spoke about his previously announced oil and gas policies.

They include scrapping net-zero, reinstating the $100 million Junior Minerals Exploration Incentive, providing $50 million for oil and gas, creating the National Strategic Priority Projects to fast-track developments like Queensland's Taroom oil field and Western Australia's Browse Basin offshore gas field.

"Australia needs energy abundance," he said.

"We must get busy digging and drilling, but we have a government that isn't interested in these things."

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