New figures revealing the record contribution of Australia’s oil and gas exports highlight the importance of LNG exports and the investment policy settings that have made them critical to the national economy and Australia’s global reputation, according to Australia’s oil and gas industry.
The Australian Petroleum Production and Exploration Association (APPEA) has welcomed the Australian government’s latest Resources and Energy Quarterly report, which showed record gas exports propelling Australia to record overall resources export earnings of AUS$405 billion last financial year, up AUS$96 billion or a third on the previous year.
LNG export values totalled AUS$70 billion in 2021-22, more than doubling from AUS$30 billion previously, and are expected to climb to another record of AUS$84 billion this financial year.
APPEA Acting Chief Executive, Damian Dwyer, said: “The strong result highlights the importance of LNG exports and the investment policy settings that have made them critical to the national economy and Australia’s global reputation in a cleaner energy future.
“To continue to produce these results, Australia must ensure market confidence in our exports by maintaining these settings and positive relations with our trading partners.
“The industry invested approximately AUS$300 billion in the LNG export industry nationally over a decade – which not only has underpinned ongoing domestic supply but also is delivering direct revenue to Australian governments.
“Just look at the forecast AUS$6 billion in petroleum royalties in the recent Queensland budget, providing funding equal to healthcare for more than 150 000 Australians annually.
“Our exports are also helping the world reduce greenhouse gas (GHG) emissions. The Australian government has estimated Australia’s LNG has the potential to lower emissions in LNG-importing countries by approximately 166 million tpy of CO2 by replacing higher-emissions fuels. That is equivalent to more than one-third of Australia’s total annual GHG emissions.”
“Our ongoing role in the cleaner future energy mix and commitment to Australia’s economy and environment will see us continue to deliver like this for many years to come.”
Total oil and gas exports were AUS$83.5 billion in 2021-22 and are expected to be AUS$98.3 billion this financial year.
