WSJ: Australia adjusts to its new energy role

Australia—for years an outlier in the international trade of oil and natural gas centered on the Middle East—is catching up fast. More than $175 billion in new projects are in construction, which could lead Australia to overtake Qatar as the world's biggest exporter of liquefied natural gas before the end of the decade. Woodside's $14.9 billion Pluto terminal, which shipped its first LNG cargo to Japan this month, is due to be followed by larger and costlier export facilities backed by industry heavyweights including Chevron, ExxonMobil and Royal Dutch Shell.

But this investment boom isn't without risks. Australia's rush to feed Asian powerhouses like China and India with vital commodities is driving up the value of its currency. Mr. Coleman, 52 years old, who joined $25.2 billion-valued Woodside last year from Exxon, cites an industry report that pegs wages in Australia's oil and gas sector at double the global average. MORE