Australian Energy Producers, representing Australia’s upstream oil and gas exploration and production industry, has applauded a commitment to stable policy settings for the energy future, as encouraging investment in early-stage exploration helps bolster efforts to unlock the next generation of supply.
Australian Energy Producers has welcomed Opposition Leader Angus Taylor ’s commitment to introduce faster approvals for oil and gas projects to help deliver secure and affordable energy to Australian households and businesses.
Samantha McCulloch , Australian Energy Producers’ Chief Executive, commented: “Faster approvals are critical to ensuring Australia can unlock the oil and gas projects needed to support reliable and affordable energy, strengthen energy security and deliver long-term economic benefits .
“The decision last year to exclude oil and gas projects from the Environment Protection and Biodiversity Conservation Act’s national interest test and streamlined assessment pathways was a mistake. As the current global energy crisis shows, Australia cannot afford to delay vital new oil and gas supply, or let the Greens dictate Australia’s energy policy. ”
McCulloch claims the Coalition’s announcement in Perth recognises the critical need for timely approvals and stable policy settings for oil and gas projects to secure the country’s energy future.
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Australian Energy Producers’ Chief Executive added: “A faster, more efficient approvals system will help restore investor confidence, increase new supply, support lower energy costs and deliver more jobs and economic growth here in Australia.”
McCulloch also welcomed the Coalition’s commitment to reinstate the Junior Minerals Exploration Incentive, including dedicated support for oil and gas exploration.
She highlighted: “Encouraging investment in early-stage exploration is critical to unlocking the next generation of oil and gas supply and ensuring Australia can continue to meet future energy demand . ”
Australian Energy Producers’ Chief Executive underlined that the Coalition’s proposed designation of national strategic priority projects would also help ensure projects of critical importance to the country’s economy and energy system are not delayed.
McCulloch concluded: “Australia has substantial undeveloped oil and gas resources, and we have the opportunity to unlock them — but it will only be realised with the right policy settings and investment certainty to bring new supply online .”