The Australian Petroleum Production & Exploration Association (APPEA) said public services would gain from another record-breaking year for Australia’s gas industry, reinforcing the importance of exports to the national economy.
According to APPEA, the new $91 billion 2022-23 forecast for gas export earnings is an increase from the $90 billion previously forecasted.
APPEA Chief Executive Samantha McCulloch stated that the sector was dedicated to serving the domestic market and had taken steps to achieve that last year by signing a new Heads of Agreement (HoA) by east coast exporters.
However, McCulloch emphasised that exports maintain domestic energy security while providing numerous economic and emissions-cutting benefits.
“The industry invested over $300 billion in LNG export projects in the most recent decade, creating a world-leading, record-breaking sector now delivering a new high forecast of $91 billion. Exporters are forecast to deliver around $13.8 billion in receipts to federal and state governments this financial year, according to an APPEA member survey released in November,” McCulloch said.
McCulloch added that Queensland, for example, anticipates $7 billion in royalties in the coming years in its Budget.
McCulloch stated that, besides economic benefits such as supporting thousands of employment, exports also played a vital part in energy security and emissions reduction, assisting importing Asian nations in using cleaner energy such as gas rather than coal and other high-emitting fuels.
“We can help these countries reduce their carbon footprint by as much as a third of Australia’s total annual greenhouse gas emissions,” she said.
She added, “That‘s the potential to avoid about 166 million tonnes of carbon dioxide because of Australia’s gas industry, according to the Federal Government.”
