New report finds economic boost from Browse

Woodside has released an economic impact assessment by Deloitte Access Economics which estimates the Browse to NWS project could contribute a long-term uplift of more than AUS$141 billion in gross domestic product nationally and more than AUS$56 billion in taxes, including AUS$19.8 billion in petroleum resource rent tax (PRRT).

The independent report also points to substantial employment and economy-wide benefits if the multi-billiondollar project proceeds to development.

Woodside CEO, Liz Westcott, said the report highlighted the role Browse could play in supporting Australia’s long-term energy needs while delivering a fair return for the community.

“Browse is Australia’s biggest undeveloped offshore gas resource and represents a major opportunity for the nation at a time when energy security matters more than ever.

“Independent modelling shows Browse has the potential to power homes and businesses, support thousands of Australian jobs and generate significant revenue for governments while also helping to manage the risks and costs of the energy transition.”

A whole-of-economy investment The Deloitte assessment finds Browse is not just an energy project, but a whole-of-economy investment, delivering benefits well beyond the oil and gas sector. The modelling estimates the project could deliver:

• A long-term uplift of around AUS$147?billion in gross state product for Western Australia and AUS$141?billion in gross domestic product nationally.
• Up to 4760 direct and indirect full-time equivalent jobs across Australia at peak operations.
• Approximately AUS$56.2 billion in taxes, royalties and excise, including around AUS$19.8 billion in PRRT.
• Around 80% of economic impacts flowing to industries outside oil and gas, including construction, services and public services.

The findings indicate Australian communities, businesses and public services are expected to benefit if the Browse to NWS Project is developed.

The independent modelling by Deloitte Access Economics shows the Browse to NWS project could ease pressure on Western Australia’s energy system as the state implements its energy transition plans. Western Australia’s growing population, economic diversification, and emerging industries like advanced manufacturing and data centres are expected to drive strong growth in energy demand in the state over coming decades.

The modelling estimates additional domestic gas from Browse could support a more stable and reliable energy system by:

• Generatingelectricity to keep the lights on in homes and businesses.
• Backing up renewables.
• Enabling a more orderly and lower-cost scale-up of renewable energy.
• Supporting critical minerals processing and other energy-intensive industries needed for electrification.

Browse gas could also play a role in helping Australia’s trading partners in Asia Pacific reduce their reliance on coal-fired power while also supporting energy security in the region.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/11052026/new-report-finds-economic-boost-from-browse/