Analysis of GAB Oil Industry Jobs and Income Welcomed
A report indicating discovery of oil in the Great Australian Bight could deliver $7 billion a year in payments to government has been welcomed by Minister for Resources and Northern Australia Matt Canavan.
“If commercial amounts of oil or gas were discovered in the Great Australian Bight, it could provide a major boost to the national economy and to the economy of South Australia in particular,” Minister Canavan said.
Minister Canavan said that, while oil and gas had not yet been discovered in the Great Australian Bight (GAB), the region was highly prospective.
He said “I was pleased to include an area in the GAB for release as part of the 2018 Offshore Petroleum Exploration Acreage release in May.
“Payments over the same period to the South Australian and Commonwealth Governments – including company tax, petroleum resource rent tax, payroll tax and a number of other taxes – could be more than $300 billion.”
Minister Canavan emphasised that Australia had robust environmental regulations governing offshore oil and gas exploration and production, and no project would be approved that cannot show compliance with these regulation.
“All offshore oil and gas activities in Commonwealth waters, including in the GAB, are subject to a rigorous assessment process by the National Offshore Petroleum Safety and Environmental Management Authority.
“This means that past exploration in the GAB – including drilling of a dozen wells since 1972 – has been conducted in an environmentally responsible way.
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