Media Release: Oil and gas industry fuels WA Budget surplus, backs net zero measures

Australia’s oil and gas industry has helped underpin today’s Western Australian Budget surplus, powering industries critical to the economy and directly helping fund public services and infrastructure.

The Australian Petroleum Production & Exploration Association today said the Budget’s climate action plan included measures enabling business to accelerate to net zero and support the deployment of new technology such as carbon capture, utilisation and storage (CCUS).

Highlighting the industry’s enduring and broad economic role, APPEA WA Director Caroline Cherry said about 70,000 jobs were supported along the state’s gas industry supply chain at a time the Budget said WA was hitting record employment levels.

“The oil and gas industry is helping deliver the public services and infrastructure Western Australians rely on such as schools, hospitals and roads,” she said.

“Gas is a critical energy source for a raft of sectors including manufacturing and mineral processing which provide so many economic benefits for WA and substantial revenues for the Budget.

“This wide role in the economy has enabled these industries beyond the petroleum sector to grow, employing more Western Australians and delivering more cash to the Government.”

Ms Cherry said the oil and gas industry itself was making a substantial direct contribution with Commonwealth grants for North West Shelf oil and gas exports estimated at $1.4 billion this financial year alone, up $400 million from previously.

Ms Cherry said the industry supported new measures as part of the state’s climate action plan, including LNG Jobs Taskforce funding to investigate CCUS technology and a decarbonisation package for heavy industries.

“The industry understands its role in the energy transformation to net zero and shares the national commitment to net zero across the economy by 2050,” she said.

“These measures are a step in the right direction towards that target and WA’s cleaner energy future.”

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