Oz Govt Gives Upstream Some Credit
Australia's oil and gas industry welcomed the February 14 release of the National Resources Statement, the first since February 1998. The Australian Petroleum Production & Exploration Association (Appea) said it highlighted the "vital contribution the resources sector makes to Australia, particularly in the regional areas that host development."
Appea CEO Malcolm Roberts congratulated the resources minister Matt Canavan for taking the initiative to develop this statement and encourage a bi‑partisan and long‑term policy approach for Australia’s important resources sector.
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Much of Appea's time is dedicated to urging the lifting of state or territorial fracking bans or to calling for favourable energy policies and so its response echoes those earlier criticisms.
Roberts said: “For its part, the oil and gas industry, a key part of the broader resources sector, has invested around A$300bn ($213bn in today's money) in oil and gas projects across Australia over the last decade. This investment has and will continue to deliver decades of cleaner energy, economic growth, exports and jobs for Australia.”
The statement proposes five goals, including:
- Delivering the most globally attractive and competitive investment destination for resources projects. When Australia’s offshore exploration continues to languish at historically low levels, its regulatory and policy framework must focus on open and competitive markets.
- Opening up new industries and resources regions.... Removing barriers to this future development remains a key priority for the industry.
- Developing and retaining the world’s best workforce and engaging better with communities where it operates.
Roberts said the oil and gas industry's economic footprint goes far beyond its production wells and operating facilities, supporting a vast supply chain of large and small businesses. But it can only continue to grow this important industry with the right policies in place.