The Australian Petroleum Production and Exploration Association (APPEA) revealed that the oil and gas industry in Queensland has more value to add to the state’s economy than the 2032 Olympic Games.
Outlined in a comprehensive independent report into Queensland’s gas industry, chief executive Andrew McConville said the report, carried out by EY, predicted a bright future for the industry, driven by high demand from Asia.
“Gas means jobs, gas means cleaner energy and gas means economic prosperity for our state, particularly regional Queensland,” he said.
“The report shows the industry has already added $106 billion or 3% per annum to the Queensland economy over the last decade, employing more than 36,000 workers and paying $13 billion in taxes.”
According to McConville, EY found that fully unleashing Queensland’s gas industry potential could result in a further $30 billion in investment producing 7000 PJ of production capacity in the Queensland oil and gas industry over the next 20 years.
With the right policy, a further $129.3 billion could be added to the state’s gross product in the next twenty years under a high grown scenario.
Acting Queensland director Matt Paull said the report states part of the economy will benefit from reduced gas prices and increased productivity.
“The Australian Government estimates Australian LNG exports have the potential to lower emissions in LNG-importing countries by about 170 million tonnes of CO2-equivalent (Mt CO2‑e) a year by providing an alternative to higher emissions fuels,” Paull said.
“That equates to over a third of Australia’s total annual emissions.”
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