Oil and gas industry contributing greatly to economy - Appea
PERTH (miningweekly.com) – Australia’s oil and gas industry contributed some A$27-billion to the country’s economy in 2016/17, new data from the Australian Petroleum Production & Exploration Association (Appea) reported this week.
“The economic footprint of the oil and gas industry goes far beyond its production wells and eight liquefied natural gas (LNG) plants. Oil and gas is not just a resources industry, the industry supports a vast supply chain of businesses in manufacturing, services and construction,” said Appea CEO Dr Malcolm Roberts.
“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 A$27-billion in goods and services from local businesses in 2016/17.
Furthermore, the industry employs directly more than 32 000 Australians, with another 70 000 jobs created elsewhere in the economy supporting the industry.
“With industry wages more than double the national average, it is not surprising that the industry paid more than A$5.3-billion in wages to its direct employees in 2016/17,” Roberts said.
“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.”
Australia’s oil and gas industry has invested more than A$300-billion in the economy over the last decade, and an October 2017 forecast demonstrated over A$230-billion worth of projects are in the pipeline ahead.
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