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WA petroleum sector powers Australian economy through GFC: Moore

Western Australian Mines and Petroleum Minister Norman Moore said that despite the global financial downturn, the state remained the nation’s “˜economic powerhouse’.

The total sales value of the Western Australian petroleum sector – which includes crude oil, condensate, natural gas and LNG – represents approximately 30 per cent, or $21.3 billion of the total value of the state’s resource industry.

LNG output increased by 15 per cent in the 2008-09 financial year, and sales values increased by 67 per cent for a total value of $8.5 billion.

Domestic natural gas sales volumes decreased by six per cent to 8.6 billion cubic metres in 2008-09 and sales values rose by 20 per cent to $1.2 billion.

The Western Australian Department of Mines and Petroleum and the Australian Bureau of Agricultural and Resource Economics (ABARE) data show that in the 2008 calendar year, the state’s petroleum industry accounted for 66 per cent of national crude oil and condensate production and 71 per cent of natural gas production.

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