Oil exploration in the Great Australian Bight could generate over $7 billion in tax revenue and more than 2,000 jobs in South Australia, according to a new study commissioned by the Australian Petroleum Production and Exploration Association (APPEA).
Produced by ACIL Allen Consulting, the study examined two possible production scenarios from exploration permits in the Bight, with a base case production of 1.9 billion barrels of oil equivalent liquid, and a high case production of 6 billion barrels.
Last month, APPEA SA and NT Director Matthew Doman said oil and gas production in the Bight could be greater than or equivalent to that of the Bass Strait.
The new study has found if such resources did prove to be comparable, the Bight could provide an average of 1,521 jobs per year over the next 40 years.
With the release of the report, Mr Doman said the potential long-term benefits of exploration in the area were enormous.
“While still in its very early stages, successful petroleum exploration and development in the Bight could bring a new wave of much-needed private sector investment in South Australia, delivering jobs, economic opportunities and regional development for decades to come,” Mr Doman said.
“The Bight could become a game-changer for South Australia, attracting investment, creating employment and delivering new revenue.
“With proper regulatory oversight, South Australia can have a safe, sustainable and successful offshore petroleum industry, as has been the case in Victoria and the western and northern regions of Australia for many decades.”
Click here for a full copy of the report.