Oil and gas industry welcomes new Government, APPEA

Release Date: 2010-09-07

The Australian Petroleum Production & Exploration Association (APPEA) congratulates Julia Gillard on
forming a new national government.

In moving to address the many policy uncertainties created as a consequence of recent political negotiations, APPEA has written to the Prime Minister seeking assurances regarding the new Government’s position on a number of policy matters.

Australia’s petroleum industry directly contributes $30 billion in income to the national economy each year. The industry pays taxes equivalent to about 50 per cent of its profits – a total of more than $8 billion a year.

APPEA Chief Executive, Belinda Robinson, said: “Resolution is needed in several areas directly affecting the capacity of Australia’s oil and gas industry to underpin a strong and sustainable economy, provide energy security for households and industry, and assist in the transition to a less carbon-intensive future.

“There is little doubt that Australia’s reputation as a stable place to invest in the resource and energy sector has taken a hit, particularly as a consequence of the resource tax debate and other tax related decisions. A new government represents an opportunity to revisit and renew the policy landscape in the interests of quickly restoring investor confidence.

“The oil and gas industry currently has $200 billion worth of new liquefied natural gas (LNG) and coal seam gas (CSG) projects in various stages of planning with final investment decision imminent for several of these. These projects represent 55,000 new jobs and additional government revenue in excess of $10 billion per year.

“Policy certainty is urgently needed not only for these projects to meet crucial timeframes, but also for the industry more broadly to continue operating with confidence.”

Australia’s oil and gas industry is seeking early action to:

• Establish a stable and internationally competitive fiscal regime, including a resource tax system that is fair and workable for all oil and gas companies – including small and mid-sized firms – and that recognises the industry already pays as much tax as it earns in profit, making it
Australia’s highest-taxed industry;
• Settle a credible climate change policy that enables natural gas to deliver a breakthrough in reducing Australia’s (and the Asia-Pacific region’s) carbon intensity;
• Encourage greater exploration, particularly in unexplored areas, to address rapidly declining oil production and an accelerating dependence on imports;
• Stable and consistent environment protection policy; and
• Efficient and effective national regulation.

In 2000, Australia produced more oil and liquid fuels than it consumed and enjoyed a healthy trade surplus. Today, Australia imports around half of the 1 million barrels it consumes every day.

In just 10 years Australia has established an average trade deficit in oil, gas and petroleum products of around $10 billion per annum. Without major new discoveries, Australia’s trade deficit in crude oil and petroleum products is expected to grow to $30 billion by the end of the decade.

Australia’s oil and gas industry looks forward to working with the Gillard Government to secure the fiscal and policy settings necessary for long-term energy security, economic prosperity and climate change action.

Type:	NORMAL
Company:	APPEA
Country:	澳大利亚
Url:	http://www.appea.com.au/images/stories/Media_Centre/APPEA_welcomes_new_government.pdf