Oil, gas to keep powering Queensland’s economic recovery: Appea
Australia's oil and gas body Appea on June 15 said that the latest Queensland state budget once again showed the importance of the industry to the state’s economy.
“Our industry is worth $11.1bn ($8.53bn) to the Queensland economy each year and directly and indirectly employs more than 47,000 Queenslanders,” acting Appea Queensland director Matt Paull said. “The budget papers showed petroleum royalties will be more than A$2.7bn over the forward estimates.”
Some budget highlights for the industry include A$24.6mn for the development of the Kogan North gas field. The funds will be allocated in 2021-22 to develop and maintain new gas assets through a joint venture between Clean Co and Arrow Energy.
The budget has allocated A$2mn as part of the overall contribution of A$20mn for the completion of the Hydrogen Training Centre of Excellence at Queensland Apprenticeship Centre at Beenleigh.
A new A$2bn Queensland Renewable Energy and Hydrogen Jobs Fund will be established to expand on the previous A$500mn Renewable Energy Fund. The fund will enable investments by Queensland’s government-owned energy businesses in commercial renewable energy and hydrogen projects, as well as supporting infrastructure, and assist the state to achieve the 50% renewable energy target by 2030.
“Unlocking new oil and gas resources and acreage for development will help to build wealth, economic resilience and whole-of-economy gains for Queensland and the national economy,” Paull said. “Responsible development of these resources will also provide lower emissions energy to the local economy and continue to form part of Queensland’s energy mix.”
Paull said the Queensland government’s commitment to hydrogen means a bright future for the gas industry in the state for decades to come.
“Natural gas plays a vital role in reducing Australia’s and Asia’s emissions. Australian LNG is helping to reduce emissions in importing countries by about 170mn metric tons/year and the commitment to the development of hydrogen solutions will make a further substantial contribution,” he said. “Natural gas is a pathway to a large-scale hydrogen industry.”