Delegates attending the largest oil and gas industry conference in the Southern Hemisphere are hoping to hear where the Australian Government is heading with tax measures and deductions.
More than 2000 people are expected to attend the three-day 2018 APPEA Conference & Exhibition in Adelaide, South Australia this week to debate weighty political and social issues affecting the fossil fuel industry at the current time.
APPEA Chief Executive Dr Malcolm Roberts said the recently released Federal Budget, which failed to address an expected tightening of the Petroleum Resource Rent Tax (PRRT), and the possibility of a Federal Election in 2018, will be hot topics at the conference.
“The Budget has highlighted Australia’s success in becoming a global leader in the world gas market,” he said.
“As the Budget points out, Australia remains on track to become the world’s largest exporter of liquefied natural gas over the next few years and with a large percentage of Australia’s LNG exports sold under long-term contracts which are linked to the price of oil, revenue from this key industry is set to rise. The recent increase in oil prices has coincided with a number of new projects coming on line.
“Over time, the sector’s contribution to our economic performance can be expected to become even more important. Much of this success has been underpinned by policy settings that have responded to the drivers for growth in the industry.”
According to APPEA, the Commonwealth Government’s Office of the Chief Economist recently identified more than $230 billion in potential new investment in Australia’s oil and gas industry over the next decade, covering more than 36 projects.
“Our success in converting this potential pool of new investment into actual projects will be dependent on all governments across Australia ensuring that policy and regulatory settings are both efficient and competitive,” Dr Roberts said.
South Australian Premier Steven Marshall opened the conference on Monday, followed by the Federal Minister for Resources and Northern Australia, Senator Matt Canavan. Federal Opposition spokesman for industry, Senator Kim Carr will outline Labor’s policies on energy and resources development on the closing day, 17th May.
More than 100 speakers, including senior executives from leading companies such as BHP Petroleum, Chevron, ExxonMobil, INPEX, Santos, Shell and Woodside, are also sharing their insights into how businesses can succeed in today’s rapidly changing global energy market.
Although closed to the public, 80 South Australian high school students will attend the sessions and exhibition to learn about careers in the industry.