Oil and Gas News

Qld confidence boosted from ABS stats

The Australian Bureau of Statistics (ABS) has revealed that petroleum production lease areas rose 49.8 per cent from December 2020 last year.

Outlined in the quarterly statistics on mineral and petroleum exploration expenditure, total expenditure rose by $19.4 million to $283.4 million, with onshore increasing by $36.7 million to $178 million.

The Queensland Resources Minister Scott Stewart said the latest data showed exploration expenditure was continuing to grow significantly, setting the foundation for the next generation of projects.

“This week’s ABS data release is more good news for Queensland,” Stewart said.

“Investment in Queensland exploration has increased by an impressive 22.5 per cent per cent to $705 million in 12 months.

“Queensland’s boost in exploration expenditure has come from strong growth in exploration for minerals (up 14.5 per cent) and oil and gas (up 53.1 per cent) compared to the previous 12 months.”

Stewart said exploration investment is critical for finding new deposits and developing potential new projects, which means more royalties, more exports and more jobs for Queenslanders.

The Palaszczuk Government continues to implement a range of measures to promote exploration activities and investment in Queensland.

“The Palaszczuk Government has invested more than $6.8 million in exploration grants and programs since 2017,” he said.  

“Investment in exploration today is what will lead to the next generation of projects and jobs, and these grants are in place to put Queensland’s industry on the front foot.”

©2021 All Rights Reserved. Oil & Gas is a registered trademark of Prime Creative Media.