The APPEA has welcomed the 2015-16 Federal Budget, which has highlighted the importance of a growing oil and gas industry to Australia’s economy.
A statement from APPEA acting CEO, Paul Fennelly, noted: “Past and current investment in the oil and gas industry has underpinned Australia’s economic performance over the last decade and will provide benefits to Australia for many decades to come.”
In announcing the budget, the Treasurer acknowledged: “…in the next five years we will become the world’s largest exporter of liquefied natural gas.”
This announcement is reinforced in the budget paper, which states: “Significant investments in LNG are still under development and will make a strong contribution to export growth in coming years. Exports of LNG are set to nearly double over the forecast period as major projects in Western Australia, Queensland and the Northern Territory enter into their production phases.”
Policy and regulatory settings will be an important factor in determining whether Australia is able to capture the next phase of investment in the growing global LNG sector.
However, Fennelly warned: “There is no simple or single solution that will ensure that Australia captures this growth.”
Adapted from press release by Katie Woodward