Public services such as hospitals and schools will benefit from another record-breaking year for Australia’s gas industry, reaffirming the importance of exports to the national economy.
The Australian Petroleum Production & Exploration Association (APPEA) today said the new $91 billion 2022-23 forecast for gas export earnings, up from $90 billion forecast previously, was the return on hundreds of billions of dollars of investment from the sector.
APPEA Chief Executive Samantha McCulloch said the industry was committed to supplying the domestic market and had moved to ensure that last year with the signing of a new Heads of Agreement (HoA) by east coast exporters.
But Ms McCulloch said it was important to remember exports underpinned domestic energy security while delivering so many other economic and emissions reduction benefits.
“These are the benefits Australians receive from huge investment by gas companies, creating jobs and revenues to government to fund services and build roads, hospitals and schools,” she said.
“The industry invested over $300 billion in LNG export projects in the most recent decade, creating a world-leading, record-breaking sector now delivering a new high forecast of $91 billion.
“Exporters are forecast to deliver around $13.8 billion in receipts to federal and state governments this financial year, according to an APPEA member survey released in November.
“For example, Queensland alone expects $7 billion of royalties in coming years in its Budget.”
As well as economic benefits including supporting thousands of jobs, Ms McCulloch said exports also played an important energy security and emissions reduction role, helping importing Asian nations use cleaner energy like gas rather than burning coal and other high-emitting fuels.
“We can help these countries reduce their carbon footprint by as much as a third of Australia’s total annual greenhouse gas emissions,” she said.
“That’s the potential to avoid about 166 million tonnes of carbon dioxide because of Australia’s gas industry, according to the Federal Government.”
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