Australia’s oil and gas industry has helped underpin billions of dollars of economic benefits in a record-breaking year for Western Australia’s resources sales.
Australian Energy Producers today welcomed record 2022-23 domestic and international gas sales as well as further new highs in the mining sector that relies on gas to power many projects.
The results were part of a $254 billion spend on WA resources, flowing through to government revenues, huge supply chain industry expenditure and supporting a record 126,480 jobs.
WA Government data released today shows LNG sales surged to a record $56 billion during the year, up almost $18 billion, while domestic gas sales hit an all-time high of $2.5 billion.
Australian Energy Producers WA Director Caroline Cherry said the results showed how critical new gas supply was to meet forecast growing demand for electricity generation and mining.
“Natural gas has helped power this record result that shows the benefits of reliable and affordable new gas supply for homes and businesses,” Ms Cherry said.
“As a WA Parliamentary Inquiry examines gas policy settings, this should serve as a reminder of what can be achieved if we get the policy settings right and unlock new gas supply.
“The Australian Energy Market Operator (AEMO) is warning more gas is needed to replace coal and back up renewables in WA electricity as well as to support the role of gas in mining and minerals processing.
“As a recent report by Rystad Energy found, new gas supply can be unlocked if we allow onshore projects to access larger international markets – expanding the number of projects that can be commercially viable.
“Exports underpin domestic gas security for Australian households and businesses while providing extraordinary economic benefits like these reported today.”
The government said investors poured more than $27 billion into mining and petroleum projects during the 12 months, the highest for a calendar or financial year since 2015-16.
