Australian Economy

Oil, gas driving Australia’s economy recovery: Appea

Oil, gas driving Australia’s economy recovery: Appea

Australia’s oil and gas industry increased production last year despite the challenges of COVID‑19, with further signs the sector is emerging from the pandemic and driving the nation’s economic recovery, Appea, the country’s peak oil and gas body, said on May 19.

The Appea’s Key Statistics Card 2022 found petroleum liquid production of crude oil, condensate and LPG rose 2.2% to 173mn barrels during 2021. “The Northern Territory and Western Australia continue to be the largest producers of petroleum liquids,” the report said. In natural gas production, conventional gas production rose to 3,631bn ft3, up from 3,599bn ft3.

Coalbed methane rose to 1,441bn ft3 of production compared to 1,423bn ft3 previously. LNG exports rose to 4,048bn ft3, up from 3,932bn ft3 previously.

The report said: “When compared with 2019, in 2021 there were indications that the industry has begun to overcome the uncertainty that the pandemic ensued. In particular, LNG exports in 2021 are around 4% higher than in 2019. The industry is coming out of the pandemic.”

Appea acting CEO Damian Dwyer said the report highlighted the enduring strength of the sector and how it was critical to supporting the everyday lives of Australians.

The most recent annual contribution to governments totalled A$5.35bn ($3.76bn) in tax, rents and royalty contributions, helping fund public services and infrastructure.

“Despite all the challenges the industry has been hit with during the COVID-19 pandemic, our workforce has risen to the challenge and kept the lights on for Australian businesses and households,” Dwyer said.

The industry has almost A$120bn worth of projects in the pipeline after investing about A$473bn in the Australian economy since 2010, Appea said.

 

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