JOHANNESBURG (miningweekly.com) – Oil and gas extraction in Australia rose by 5.1% in the March quarter, following the record $17-billion in liquefied natural gas (LNG) exports achieved in 2015, according to Australian Bureau of Statistics (ABS) data, released on Wednesday.
This confirmed that strong LNG exports were a rare source of growth in Australia’s economy, noted the Australian Petroleum Production & Exploration Association (Appea).
“In 2015, the seven LNG projects in Australia produced about 30-million tonnes of LNG,” said Appea chief executive Dr Malcolm Roberts, adding that Australia’s LNG projects would deliver decades of economic growth, jobs and exports.
“When these projects and the three projects under construction reach full output, Australia’s LNG exports will almost triple [and] by 2019, Australia will be the largest single exporter of LNG in the world,” he said.
Roberts noted that, for LNG to continue as a pillar of the nation’s economy amid a depressed oil market, exploration and development had to be fostered, not restricted.
He also highlighted capturing future growth and investment opportunities as a key aim for both major political parties during the Federal election campaign.
“We need to hear much more from our political leaders about how they intend to encourage resource investment, increase competitiveness and build on a decade of extraordinary LNG investment,” he said.