The Australian Government has released the new Resources & Energy Quarterly, showing LNG export revenues were revised up to a record $92 billion during the past financial year as part of the resources sector’s $460 billion return.
According to the Australian Petroleum Production & Exploration Association (APPEA), the report shows that Australia’s oil and gas industry is still driving the national economy, sustaining thousands of jobs and providing tens of billions of dollars in economic benefits to Australians.
The record LNG performance for 2022-23 was slightly higher than earlier projections and increased from $70 billion the previous year.
The report said gas exports are expected to total $68 billion this financial year, while overall resource exports are expected to total $390 billion. The following year, LNG exports would total $60 billion.
APPEA noted that the export revenue supported thousands of jobs, sizeable direct government revenues, and significant local expenditure.
“The Australian oil and gas industry is committed to domestic supply but the importance of exports is once again in the spotlight. The industry’s $400 billion investment in LNG projects over the past 15 years underpins the nation’s domestic energy security and delivers substantial economic benefits to Australia,” APPEA Chief Executive Samantha McCulloch stated.
“Even with a slowing of export returns in the cycle across the resources sector, gas is still a reliable and significant economic driver in the nation’s fortunes at a time when the economy is facing headwinds and uncertainty,” McCulloch added.
Additionally, the report said oil exports totalled $13 billion in 2022-23 and were projected to increase to $14 billion this year before recording $12 billion the following year.
