Santos NSW Investments Bring Economic Benefits (Australia)

Santos today said that the economic benefits of its proposed gas investments in NSW are already being felt in regional communities with the company employing more than 80 people across NSW.

This is expected to rise to 1,800 direct jobs as its projects enter the construction phase.

The Australia Institute report released today completely misrepresents the employment creation data contained in the Allen Consulting Group study which is based on net job creation forecasts that take into account changes in the type and location of jobs created, the Company said in a statement.

The Allen Consulting Group study into the projects finds:

• The net employment impact of Santos’ investment will be the creation of 2,900 ongoing jobs across the operational phase, which will continue through to 2035.

• This job creation is across all sectors of the economy including direct gas jobs, as well as high-skill, high-value professions such as hydrologists, engineers, geologists as well as flow-on job creation in construction, manufacturing and accommodation and food services.

• The projects will deliver an $821 million annual increase in NSW Gross State Product, including a $470 million annual boost to the economy of north-western NSW, totalling $15.2 billion to 2035.

The Allen Economic Forecasting study released in December 2011 was based on the Monash Multi-Region Forecasting model, which is widely used by Commonwealth and State Treasuries and the Garnaut Review.

Santos’ experience provides further evidence of the jobs created by its activities, with 1,800 employees working on the Santos GLNG Project. In the past three months alone, 230 employees have been recruited and over 230 positions are currently on offer, Santos said.

[mappress]

LNG World News Staff, February 14, 2012