$55bn growth in Australia Natural Gas23 May 2015 by News Desk
Australia’s Liquefied National Gas industry could become the world’s largest and most technologically advanced, contributing more than $55 billion to Australia’s GDP in 2020.
Darrell Todd, CEO of thinking australia, says: “Australia’s LNG industry will expand greatly over the next three years and beyond. Many hundreds of skilled workers will be needed to meet this increase in production”.
Over the next five years natural gas production will increase by more than 90%, the number of wells in production will increase by 400% and pipeline infrastructure in Australia will increase by 45%, according to a new report from Accenture. Total cumulative capital investment and operating expenses will reach around AUD$360 billion by 2020, 40% more than during the recent capital investment boom.
“We estimate the industry could collectively realise an additional AUD$50 – $70 billion of shareholder value over the next 25 years – and this will have a positive impact on the whole economy,” said Bernadette Cullinane of Accenture.
The industry is entering an exciting new production and operation phase – an estimated 13 new LNG trains within seven new plants will come online between 2015 and 2018.