The Australian Petroleum Production and Exploration Association (APPEA) has said that the latest federal budget represents a “golden opportunity” to help the industry deliver ongoing economic growth, jobs and a pathway to net zero.
In the lead up to the allocation of the budget on 29 March, the federal budget period offers a chance for all industries to reflect on the investment environment.
APPEA has lodged a federal budget submission with recommendations for initiatives the government could implement to build a more resilient economy through energy security.
Chief executive officer Andrew McConville said that this is a plan “that delivers cleaner, secure energy supplies while lifting us out of the tough times of the pandemic”.
He added, “Australia and its government have a massive, once-in-a-generation opportunity to make policy decisions to provide foundations for the future growth of our economy.”
The association has urged the government to continue investment in secure, clean energy, stating that both the natural gas industry and new technology could drive economic recovery and reduce emissions.
Recommendations include initiatives to attract investment for sustained job creation and economic security, and initiatives that support a decarbonised economy and a net zero ambition by 2050.
“Whether it be the recent final investment decision (FID) announcement at Scarborough, carbon capture and storage (CCS) projects such as Moomba, or the numerous prospects in the Beetaloo Basin, there is a wealth of opportunity for the oil and gas industry in Australia to be discovered,” a spokes person for APPEA said.
“The latest Federal Budget offers a golden opportunity to apply policies and regulations that will help our industry deliver ongoing economic growth, jobs, and a pathway to net zero by 2050 in line with national efforts.”
To read the full APPEA Federal Budget 2022-23 Submission, click here.
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