Australia gas industry to grow 90%04 November 2015 by News Desk
Exports of liquefied natural gas from Australia are forecast to grow by 90% over the next five years and create thousands of new jobs.
The LNG industry already generates $100 billion each year to the economy of Australia and employs over 900,000 workers, and this number is set grow. The number of wells in production will increase by 400% and pipeline infrastructure in Australia will increase by 45%, creating thousands of new jobs.
More than 13 new LNG trains and seven new plants will come online between 2015 and 2018.
Total investment and operating expenses will reach around $360 billion by 2020, 40% more than the $250 billion invested during the recent capital investment boom. The industry could generate an additional $50 – $70 billion of shareholder value over the next 25 years – and this will have a positive impact on the whole economy.
Industry experts say that Australia could soon be a world leader in oil and gas production.
Paul Fennelly of the Australian Petroleum Production and Exploration Association, says: “Australia has a real opportunity to use the next few years to become a world leading LPG producer, delivering long term returns for all industry sectors.”