The Australian Petroleum Production & Exploration Association (APPEA) has reinforced the oil and gas industry’s commitment to working with the Queensland Government to support the state’s economic recovery, creating jobs and growth.
Following delivery of the latest state budget, APPEA Queensland director Georgy Mayo said while it had been a challenging year, the sector would be vital in helping the Queensland economy rebound.
“This industry makes a significant contribution to the state– with the budget papers showing petroleum royalties were $466 million in 2019-20 and are forecast to increase to more than $2 billion over the forward estimates,” Mayo said.
“The sector has also invested more than $70 billion into Queensland’s economy due to the rapid development of the natural gas and LNG industries.”
Mayo added that as a major economic river for the state, the oil and gas sector was committed to working with the new government on the recovery process, as well as on key reforms to help meet the challenges ahead.
The industry also welcomed the budget measure to integrate the Queensland Productivity Commission into Queensland’s treasury to establish the office of productivity and red tape reduction (OPRTR).
“New measures to reduce regulation and red tape will help to drive continued investment and certainty, which is the key to ensuring long-term growth as well as promoting the development of Queensland’s oil and gas resources,” Mayo said.
“Unlocking new oil and gas resources and acreage for development will help to build wealth, economic resilience and whole-of-economy gains for Queensland and the national economy.”
APPEA added that the development of these resources would also provide lower emissions energy to the local economy and continue to form part of Queensland’s energy mix.
“The industry has effectively supported the Queensland economy during a tough time and it will continue to power the local economy for decades to come by providing energy security into the future,” Mayo concluded.