Australia’s LNG Export to Jump 60% in FY 2018-19
Australia’s liquefied natural gas (LNG) export earnings have been revised upwards for 2018-19 and are forecast to total $50.4 billion, an increase of nearly 60 per cent compared to 2017-18, overtaking metallurgical coal as Australia’s second largest resources and energy export.APPEA Chief Executive Dr Malcolm Roberts said the Resources and Energy Quarterly December 2018 data reinforced how critical LNG exports are to sustaining Australia’s economic growth.“Australia’s LNG projects will deliver decades of economic growth, jobs and exports.
Australia’s Oil and Gas Industry Calls for Competitive Tax Regime
Changes to the petroleum resource rent tax (PRRT) announced today by the Commonwealth must be assessed carefully by Australia’s oil and gas industry, said the Australian Petroleum Production & Exploration Association (APPEA).“Attracting investment in natural gas and oil production has never been more important for Australia,” said APPEA Chief Executive Dr Malcolm Roberts.“As Australia relies on foreign investment to develop our natural resources, it is vital that we have a stable, competitive tax regime.“Investors are always concerned when long-standing tax arrangements change.
AEMO Warns of Gas Shortage for Victoria
The Victorian Gas Planning Report Update, released today by the Australian Energy Market Operator (AEMO), is the latest in a series of reports warning of the deteriorating situation for gas consumers in Victoria. “AEMO’s forecasts indicate that Victoria could face a gas supply-demand shortfall as early as 2022, said APPEA Chief Executive Dr Malcolm Roberts. “Victoria has benefitted from record production over the last two years from the offshore Gippsland Basin but, as offshore production falls back, the state will face tighter market conditions. “AEMO warns that, without new gas supply, Victoria could face shortfalls from 2022.
Stalled Oil and Gas Exploration a Major Economic Risk
The latest Australian Bureau of Statistics (ABS) exploration data confirms that the slump in petroleum exploration in Australia continues. “Yesterday, the ABS released data for 2017, confirming that exploration in Australia is stalled. Exploration expenditure is well below trend, especially in offshore basins, said APPEA Chief Executive Dr Malcolm Roberts. “Falling exploration activity has been evident for many years but the latest offshore expenditure numbers are alarming. Offshore activity has fallen to its lowest level since 2004. Other sources show that only five exploration and appraisal wells were drilled offshore in 2017.
Australia Plans to Limit LNG Exports
Australia's conservative government unveiled a radical plan on Thursday to restrict exports of liquefied natural gas (LNG) at times when domestic shortages push up local prices, aiming to ease soaring energy costs for local manufacturers. The plan would allow Australia's resources minister to impose controls on LNG exports on advice from the market operator and regulator, as the government seeks to cap domestic gas prices, which have become a political hot potato. "It's not a threat. This will be export controls. They will not be able to export gas if that has the consequence of reducing the availability of gas for the Australian market…
Australian O & G Exploration Declining
The latest ‘Resources and Energy Quarterly’ report from the Australian Government provides equal measures of optimism and disappointment, APPEA said today. APPEA Chief Executive Dr Malcolm Roberts said rising LNG exports are underpinning Australia’s economic growth but the continuing fall in petroleum exploration is alarming. “$200 billion has been invested in new LNG projects which will soon see Australia become the world’s leading LNG exporter. Thousands of long-term, high wage jobs and more than $16 billion in export revenue have been generated,” Dr Roberts said. “However, petroleum exploration is at its lowest level since the March quarter 2006.
COAG Energy Review Must Power Timely, Practical Reform
APPEA welcomes the announcement today by the COAG Energy Council of an independent review of energy security in the national electricity market, led by the Chief Scientist Dr Alan Finkel AO. “Let’s hope Dr Finkel’s review will drag debate away from polarised positions to a fact-based discussion of how Australia can cut emissions from the energy sector without jeopardising reliable, affordable electricity for consumers,” said APPEA Chief Executive Dr Malcolm Roberts. “As far as some governments are concerned, this might not be the beginning of a beautiful friendship but it could be the beginning of a long overdue realism in the debate about renewable energy.
AEMC Gas Market Report Highlights Need for Action
Increasing the supply and affordability of natural gas is critical to developing a genuinely national strategy to transition Australia to a cleaner energy future. APPEA chief executive Dr Malcolm Roberts said the Australian Energy Market Commission’s report on the wholesale gas market released today provided many useful recommendations to increase the trade and transportation of gas on the east coast. “APPEA welcomes the release of the AEMC’s report and supports moves to improve transparency, efficiency and liquidity in the market,” Dr Roberts said. “But changes to the wholesale gas market can only achieve so much.
