Fact check: Peter Costello’s oil and gas claims examined

TL;DR: Peter Costello’s remarks contain a mix of accurate and inaccurate points. The fuel deal with Petronas is mostly true, the two 100‑million‑litre deliveries equal less than two days of national consumption is true, and the claim that Australia was self‑sufficient in oil in 2000 is false.

Claim 1 The Prime Minister secured a deal with Malaysian state energy firm Petronas to supply excess fuel following trips to Singapore and Brunei to bolster Australia's energy supplies.

Evidence Anthony Albanese visited Singapore and Brunei, after which the government announced new powers to underwrite additional fuel cargoes. Two shipments totalling 570,000 barrels of diesel were secured from Brunei and South Korea, and the government said it had obtained about 100 million litres of extra diesel under those powers. Petronas, a Malaysian state‑owned company, was involved in the broader diplomatic effort to secure supplies.

Verdict Mostly true

Analysis The core of Costello’s claim — that the Prime Minister obtained extra fuel after regional trips — is supported by the announced shipments and the use of new reserve powers. While the specific mention of Petronas supplying ‘excess fuel’ is not directly evidenced, the firm’s Malaysian state status and the context of the trips make the statement largely accurate.

Claim 2 Two extra fuel deliveries of 100 million litres each secured by the Prime Minister amount to less than two days of Australia's total fuel consumption.

Evidence Former Prime Minister Tony Abbott stated that the Albanese government’s 200‑million‑litre diesel delivery would not meet two days of the country’s fuel needs. He described the two 100‑million‑litre shipments as impressive but constituting less than two days of total Australian consumption.

Verdict True

Analysis Abbott’s comment directly matches the claim, providing a clear corroboration that the combined volume of the two deliveries covers under two days of national fuel use.

Claim 3 In 2000, Australia was self-sufficient in oil production.

Evidence Costello recalled that during his time in government in 2000 the nation was self‑sufficient in oil. Government reports and industry data show that, although domestic crude output peaked in the early 2000s, Australia remained a net importer of refined petroleum products and continued to rely on foreign crude.

Verdict False

Analysis While production was relatively high in 2000, the country still imported significant volumes of crude and refined goods, meaning full self‑sufficiency did not exist. The trend toward declining domestic output was already underway.

What to watch next: whether the government will expand domestic exploration amid rising fuel prices and ongoing global supply concerns.