Queensland’s new Minister for Resources Scott Stewart’s strong endorsement of the importance, contribution and economic benefits of the oil and gas industry has been welcomed by APPEA.
In a speech to Parliament yesterday, Minister Stewart said the industry continued to do “the heavy lifting with gas production, for the domestic and export markets” and “gas is an essential part of Queensland’s economy and will continue to be so in the future.”
APPEA Queensland Director Georgy Mayo said the industry – which is a major economic driver for the state – welcomed this ongoing support.
“The oil and gas industry is fully committed to working with the Queensland Government to support the state’s economic recovery and ensure the sector continues to support highly skilled jobs and economic growth, including across regional areas,” Ms Mayo said.
“Oil and gas is a mainstay of Queensland’s economy with companies continuing to invest billions of dollars each year in on-going exploration and development.”
Mr Stewart’s acknowledgement of the major projects and investments being delivered by companies including Senex, APLNG/Origin and Arrow Energy, to help bring more gas into the market, was also welcomed by APPEA.
“This industry has invested more than $70 billion into Queensland’s economy and the sector makes a significant contribution to the state including through petroleum royalties – which are forecast to increase to more than $2 billion over the forward estimates – to help build schools, roads and hospitals,” Ms Mayo said.
Ms Mayo said the Government’s plans to invest $5 million in pipeline infrastructure to secure new gas reserves in the resource-rich Bowen Basin and the $3.3 million Strategic Resources Exploration Program will help to unlock more supply.
“The Queensland Government’s ongoing releases of acreage for exploration and development are essential to building wealth, economic resilience and whole-of-economy gains for Queensland and the national economy,” Ms Mayo said.