LNG is expected to boost Queensland’s exports to almost $100 billion by the end of the decade, according to the Australian Petroleum Production and Exploration Association (APPEA).
APPEA Queensland Director Chris Lamont said the state is forecast to record the strongest economic growth of all Australian states from 3.5 per cent in 2015-16 to 4 per cent in 2016-17, driven largely by the ramp-up in LNG exports.
“The value of LNG to Queensland’s economy is significant and long-lasting, particularly in regional areas,” Mr Lamont said.
“Despite the global oil price downturn Queensland’s natural gas industry is still forecast to contribute $671 million in royalty revenue over the forward estimates.”
Mr Lamont said Queensland’s oil and gas industry welcomes Queensland Treasurer Curtis Pitt’s comments that the resource industry needs to be supported through the low commodity price cycle.
“The gas industry is and will continue to be a significant employer, particularly in regional Queensland. We now need to build on successes to date and look forward to working with government to reduce costs and encourage growth,” Mr Lamont said.