30 Sep 2019
The Resources and Energy Quarterly September 2019 released today underlines the vital and ongoing role natural gas plays in delivering significant economic benefits for Australia while helping to reduce global emissions.
According to the Department of Industry, Innovation and Science, the value of Australia’s resources and energy exports reached a record $279 billion in 2018-19 largely due to growing liquefied natural gas exports.
In 2018-19, Australia’s LNG export earnings are estimated at $50 billion, an increase of 61 per cent over the previous year, which was the largest increase of any commodity.
APPEA Chief Executive Andrew McConville said the data highlighted the significance of LNG exports for sustaining Australia’s economic growth, maintaining living standards and lowering global carbon emissions.
“Australia’s LNG projects will deliver decades of economic growth, jobs and exports,” Mr McConville said.
“The billions of dollars invested in these projects has also benefitted the growing domestic market. The LNG industry is and will remain a very large supplier of domestic gas to the east coast gas market.
“The investment in LNG projects has significant flow-on benefits across all parts of Australia.
“The oil and gas industry underpins around 80,000 direct and indirect jobs – and hundreds of thousands of Australian jobs rely on the reliable, affordable and sustainable supply of oil and gas.
“LNG exports are helping our customer nations, particularly in Asia, to cut carbon emissions and lift people out of energy poverty.”
According to the latest Federal Government estimates, Australian LNG exports have the potential to reduce greenhouse gas emissions by 152 million tonnes in customer nations, a contribution equivalent to 28 per cent of Australia’s annual emissions.