The Australian Petroleum Production and Exploration Association (APPEA) outlined in a comprehensive independent report carried out by EY that high demand from Asia could see a potential gas surge.
Chief executive Andrew McConville said that this hike in demand could be an enormous stimulus to the state economy.
“Gas means jobs, gas means cleaner energy and gas means economic prosperity for our state, particularly regional Queensland,” McConville said.
“The report shows the industry has already added $106 billion or 3 per cent per annum to the Queensland economy over the last decade, employing more than 36,000 workers and paying $13 billion in taxes.”
According to McConville, EY found that fully unleashing Queensland’s gas industry potential could result in a further $30 billion in investment producing 7000 PJ of production capacity in the Queensland oil and gas industry over the next 20 years.
Acting Queensland director Matt Paull said the report states part of the economy will benefit from reduced gas prices and increased productivity.
“The Australian Government estimates Australian LNG exports have the potential to lower emissions in LNG-importing countries by about 170 million tonnes of CO2-equivalent (Mt CO2‑e) a year by providing an alternative to higher emissions fuels,” Paull said.
“That equates to over a third of Australia’s total annual emissions.”
Click here to view the full report.
For more information visit the APPEA website.