Australia Seeks More UK Investment in LNG

British High Commissioner to Australia, Paul Madden, and Peter Collier, WA Energy Minister, today announced the new Northern Australia Gas High Value Opportunity Programme.

The Programme will see the start of a new era of cooperation between the UK Government and the Australian State and Territory Governments to encourage more British companies to do business in Australia’s rapidly expanding liquid natural gas (LNG) industry. The UK Government already works closely with the Governments of Western Australia, Queensland and the Northern Territory to develop closer trade and economic links, but this Programme is a new initiative which it is predicted will increase British investment in Australia.

At the launch, on the first morning of the Australasian Oil & Gas Exhibition & Conference in Perth, Mr Madden spoke confidently about the future of the UK’s involvement in LNG in Australia:

“This year we have around 60 British companies at AOG which I think is the largest foreign delegation here and the largest ever group of companies to represent the UK at this event. The UK is already the second largest foreign direct investor in Australia and UK goods exports to Australia increased 32% year on year in 2011.

“The Prime Minister, David Cameron, saw the scale of the opportunities in Australia and Western Australia when he visited for CHOGM late last year and I think I can safely say that the British commitment to oil and gas in Australia will continue to strengthen.”

In his address Mr Collier was enthusiastic about the opportunities for British companies in Western Australia saying:

“Last year Western Australia contributed around 75% of all of Australia’s merchandise exports and there is A$267 billion dollars worth of projects ongoing and a plethora of opportunities to get involved in, especially in mining and exploration…But there is one major risk to Western Australia, and the whole of Australia and that is our serious skills shortage…We need to act collectively to overcome this risk and we must be bold, innovative and resourceful…I say to England and to other countries, your skilled workers are needed and welcome. ”

When speaking of the programme, Brian O’Gallagher, Executive Director, Major Projects, Department of the Chief Minister of the Northern Territory said:

“The Northern Territory Government is happy to work with UK businesses looking to expand their operations into the dynamic Northern Australian Oil & Gas industry.  Just this week the Scottish based ASCO Holdings was announced as the successful bidder to build and operate the new $110 million world-class Darwin Marine Supply Base and opportunities exist for other experienced British companies to partner with local companies to capture this exciting market.”

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LNG World News Staff, February 22, 2012; Image: Conoco