Oil and gas boosts economy by $27 billion: APPEA

Data released by the Australian Petroleum Production and Exploration Association (APPEA) highlights the nation-wide benefits flowing from Australia’s oil and gas industry.

“The economic footprint of the oil and gas industry goes far beyond its production wells and eight liquefied natural gas (LNG) plants,”? said APPEA Chief Executive Dr Malcolm Roberts.

“Oil and gas is not “˜just’ a resources industry – the industry supports a vast supply chain of businesses in manufacturing, services and construction.

“That is in addition to the hundreds of thousands jobs in manufacturing, transport and other industries which are supported by the oil and gas we produce.

“The latest APPEA member survey data shows that the oil and gas industry purchased more than $27 billion in goods and services from local businesses in 2016-17.”?

Australia’s oil and gas industry has invested more than $300 billion in the economy over the last decade, and an October 2017 forecast demonstrated over $230 billion worth of projects are in the pipeline ahead.

“The industry employs more than 32,000 Australians directly, with another 70,000 jobs created elsewhere in the economy supporting the industry,”? said Dr Roberts.

“With industry wages more than double the national average, it is not surprising that the industry paid more than $5.3 billion in wages to its direct employees in 2016-17.

“These are impressive numbers in anyone’s language. With the working life of projects measured in decades, the benefits will continue for many, many years.”?

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