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8 May 2006
GOLD COAST: ExxonMobil Australia Chairman, Mark
Nolan, today released the findings of a new study quantifying the significant
contribution that the production of oil and gas from Bass Strait has made to
Australia’s prosperity.
In keeping with the theme of
this year’s APPEA conference - ‘A Platform for Prosperity’ - ExxonMobil has
released work commissioned from independent economic modeling firm Econtech,
which examines the economic impact of Bass Strait on the national, state and
local economies since 1969.
Speaking at APPEA, Mr. Nolan
noted that the link between economic growth and energy is clearly demonstrated
when one considers the economic contribution of a world class oil and gas
province like Bass Strait.
“Bass Strait has been a critical
building block underpinning the economic growth of the nation – producing
almost two-thirds of Australia’s cumulative oil production to date and 30 per
cent of Australia’s gas production.
“The importance of
Bass Strait is underlined by the fact that the flow on effects from its oil
and gas production have contributed over $200 billion to Australia's Gross
Domestic Product (GDP) over the last four decades, or some $2.2 billion per
annum in nominal terms.
“ExxonMobil is proud that its
operations in Gippsland and Bass Strait have had an important and positive
impact on employment and living standards. Approximately 50,000 permanent
additional jobs have been created in Victoria (14,000 in regional Gippsland
alone).
“The operations in Gippsland and Bass Strait have
also been responsible for generating approximately $300 billion in federal
government revenues in real terms (2.1 per cent of all Government revenues
collected in the period.) The public benefits associated with this type of
resource development project are comprehensive and widespread.
“Bass Strait still has a long term future. There is significant oil supply and
approximately 7 trillion cubic feet of gas reserves remaining in the basin. We
plan to keep on meeting the demand for energy in Australia as well as
providing significant benefits to the wider community in which we operate.
“To ensure that gas can be developed effectively and compete on an equal basis
with other fuel sources, government needs to address tax distortions – which
currently sees offshore gas taxed at more than 6 times the rate applied to
coal,” Mr Nolan said.
Esso Australia Resources Pty Ltd
operates the Gippsland Basin Joint Venture on behalf of a 50-50 joint venture
with BHP Billiton.
Media contact:
Rob Young 0438 080
998 / (03) 9270 3443
Editor's Note: Figures over time are
calculated in 2004 present value terms
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