Queensland gas could be bigger than the Olympics

The Australian oil and gas industry has today released a comprehensive report on the Queensland gas industry, showing its potential to add value to the government economy at the 2032 Olympic Games *.

APPEA CEO Andrew McConnell’s EY report says the oil and gas industry has the potential to grow Queensland’s economy for years to come.

“When it comes to increasing economic value in Queensland, natural gas will clearly take away the gold,” said Mr. McConnell.

“Gas means work, gas means clean energy and gas means economic prosperity for our region, especially Queensland.

“The report shows that the industry has grown by $ 106 billion or 3% annually in Queensland’s economy over the past 10 years, employing more than 36,000 workers and paying $ 13 billion in taxes.

“But this is the tip of the iceberg.

“Completing the capacity of Queensland’s gas industry could lead to an additional $ 30 billion investment in the Queensland oil and gas industry over the next 20 years.

“In fact, EE, with the right policy settings, is expected to increase Queensland’s gross domestic product by $ 1226.3 billion over the next two decades. – This represents about 2.5% of the current Queensland economy.

Even at the lowest level of development, it’s $ 64 billion.

“The benefits of this investment will be particularly noticeable in the short term.

To put these huge numbers in perspective, the annual tax revenue from these new projects will be $ 1.4 billion – the same as hiring additional funding for 20 elementary schools, 25 police stations, 30 fire stations and 1,000+ teachers and nurses.

Acting Queensland Director Matt Powell said the sectors of the economy would benefit from lower gas prices and increased productivity.

“The benefits to the environment are enormous,” said Mr. Paul.

The Australian Government estimates that Australian LNG exports have the potential to reduce emissions in LNG imported countries by up to 170 million tons of CO2-equivalent per year by providing alternative emissions. This is more than a third of Australia’s total annual emissions.

When used to generate electricity, only half of the greenhouse gas emissions from natural gas are emitted and it cannot do renewable things.

“Our industry is investing billions of dollars in technologies that reduce emissions. The oil and gas industry has the technology, skills, experience and business connections to export the hydrogen industry internationally and internationally.

Our industrial investment in carbon storage and storage is already declining to 40 m2 per year, but we have high hopes for further growth.

* Research by KPMG predicts that hosting 2032 games will provide $ 4.6 billion in economic growth for Tunisia and trade, and $ 8.8 billion in benefits for Queensland, including $ 3.5 billion for health, volunteer and community benefits.

** Low Growth – Includes investment and production for Queensland oil and gas projects currently under construction or with significant investment commitment. High Growth – Building on a low growth path, this will include investment and related products for oil and gas projects in Queensland, but still strong trade commitments.

Read the full report

/ Public statement. This article is from the original organization (s) and may be subject to a timeline for clarity, style, and preparation. The views and opinions expressed are those of the author (s). See the whole thing here.


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