ESTIMATED NET ECONOMIC BENEFITS FROM AUSTRALIA'S UPSTREAM OIL AND GAS INDUSTRY: 1980-2010

Abstract

Australia's oil and gas resources industry has made a significant contribution to the Australian economy and is expected to continue to do so over the next 15 years and beyond. While oil and gas production from Bass Strait has been the most important part of the industry in the past, offshore oil and gas production has increased strongly in northwest Australia over the past decade. Future growth in the industry is expected to be mainly associated with further strong growth in gas production for both domestic use and the export market. This paper contains an assessment of some major net economic benefits from the exploration, development and production of Australia's oil and gas resources during the period 1980 to 2010.