Western Australia has been acknowledged as a strong destination for oil and gas exploration in a new survey.
WA has risen 17 places to be 33rd in the Fraser Institute’s investment attractiveness survey out of 126 petroleum jurisdictions.
The survey involved 439 international petroleum managers and executives.
WA Mines and Petroleum Minister, Bill Marmion, said State Government policies are making Western Australia an even stronger magnet for gas and oil industry investment.
“The institute’s latest petroleum investment attractiveness survey is an excellent result for WA, especially in the current economic climate,” Mr Marmion said.
“We have now moved into the top 25 per cent of global investment destinations in the eyes of petroleum industry executives and decision makers.
Mr Marmion said the climb in rankings was partly due to better scores for reducing trade barriers and reduced uncertainty over environmental regulations and taxation.
“There is no doubt this improvement has been prompted by the State Government’s introduction of clear new regulations for the petroleum and geothermal industries,” Mr Marmion said.
“The Department of Mines and Petroleum’s recognition as one of the world’s top three shale and tight gas regulators has also helped.”
Mr Marmion said he also believed Ministerial trade delegations over the past year, including his presentations to investors in Singapore, South Korea and China, had nurtured the State’s international trade and investment reputation.
“WA is one of a few places where potential remains for large discoveries and we rank among the best jurisdictions in the world for new petroleum ventures,” Mr Marmion said.
“But there is still work to be done, our focus is on continuous improvement, providing industry with a stable, transparent business environment that is even more conducive to investment.”