Oil and gas worth $54b to QLD economy

Queensland’s oil and gas industry contributed approximately $54.5 billion to the state’s economy in the past seven years, according to a report.

Prepared by Lawrence Consulting for the Australian Petroleum Production and Exploration Association (APPEA), the report said for the period 2011-2018, oil and gas companies in Queensland contributed $4.9 billion in wages and salaries to an average direct workforce of approximately 4,606 fulltime resident employees, not including contract workers.

This represented an average salary across the sector of approximately $150,617 per annum, while the industry also made $49.7 billion in purchases of goods and services from local businesses, community contributions and payments to the local and state governments, resulting in a total contribution of $54.5 billion in direct spending to the state’s economy.

APPEA Queensland Director Georgy Mayo said the natural gas industry had continued to support Queensland during tough economic times.

“Natural gas has also provided a huge boost to regional centres like Gladstone, Toowoomba, Roma, Dalby and Chinchilla.

“As we are in the midst of one of the worst droughts on record, the natural gas industry has also helped offset some of the hardship with jobs, economic development and providing a new source of water for landowners.”

The report also said the sector had supported an average of 3,304 local suppliers in each year for the past four years and made $489 million in state government payments over the past five years.

Click here to read the full report.

If you have news you would like featured in Gas Today contact Managing Editor David Convery at dconvery@gs-press.com.au

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