Natural gas production will more than double in the next five years, a new report predicts.
The latest Resources and Energy Quarterly released by the Department of Industry, Innovation and Science confirms the strong contribution the oil and gas industry is making to Australia’s economy.
The quarterly report found that the growth rate of 0.9 per cent that occurred during the last quarter was driven largely by resource exports, led by an 11.4 per cent increase in oil and gas production.
The Resources and Energy Quarterly found that in the next five years, LNG exports are expected to increase from 26 million tonnes (Mt) per year to more than 76Mt per year.
APPEA Chief Executive, Malcolm Roberts, said the national accounts highlighted the growing importance of LNG exports to Australia’s economy.
“Australia is on the verge of becoming the world’s largest producer of LNG thanks to an unprecedented investment of more than $200billion in new export projects,” Mr Roberts said.
“The projects will generate significant economic benefits for Australia through investment, jobs, increased income and additional taxation revenues over the coming decades.
“As well, the increasing use of cleaner-burning natural gas is a critical part of the world’s energy mix as we transition to a lower carbon future,” Mr Roberts said.