The Australian Petroleum Production and Exploration Association (APPEA) has issued a statement that recent ANZ research should act as a reminder to the governments of Victoria and New South Wales (NSW) to immediately lift restrictions on natural gas exploration and production.
ANZ’s ‘Commodity/Economic Insight’ claims that Australia remains on track to become the biggest exporter of LNG by the end of the decade, which will substantially increase the country’s GDP and restore the trade balance to positive territory.
The APPEA’s Chief Executive, Malcolm Roberts, said: “As the research shows the expansion of Australia’s LNG export industry will have significant and long-lasting benefits for the Australian economy […] Australia has more than enough gas to meet both domestic and export demand but unnecessary restrictions on exploration and development in NSW and Victoria must be lifted to increase supply and put downward pressure on prices […] There is growing evidence to suggest consumers will be paying the price for government inaction on regulatory reform to improve gas flow.”
Mr Roberts continued: “While commodity prices may be an uncertainty beyond the control of government, impediments to natural gas exploration and development are not […] The present price situation provides an additional incentive to policymakers to ensure petroleum investors continue to view this country favourably. Crippling a world class LNG industry with market intervention measures would only impair local gas supply and affordability.”
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquefaction/27072015/appea-lng-increasing-gdp-in-australia-1066/