Australia’s Minister for Industry and Science, Ian Macfarlane, pledged the Australian Federal Government’s continuing support to an oil and gas industry shining as one of the country’s main success stories.

Delivering the keynote opening speech at the APPEA Conference in Melbourne, Macfarlane said the sector’s importance to the economy in stimulating export revenue, job creation and regional development ‘cannot be overemphasised.’

As a result, Australia’s LNG export revenue was projected to soar at an annual growth rate of 21% from $18.2bn in 2014 to $46.7bn in 2019-20.

‘Given its importance to our economy and energy security, the oil and gas industry plays a major role in our success as a modern nation. So all of us, government, industry and community – have a huge stake in safeguarding its future,’ Macfarlane said.

The Minister said ensuring Australia’s gas markets were competitive was vital to promoting future gas resource investment.

As the industry, punctuated by low oil prices, navigates through the stormiest market conditions in almost a decade, Macfarlane said the government was aware of the testing times facing the sector. ‘It’s gratifying to know that Australia’s LNG projects under construction continue to forge ahead until there are signs of a turn in the commodity cycle. However, it is important we don’t overlook the ongoing growth in gas demand, particularly here in the Asia-Pacific region,’ he said.

He said it was critical that Australia remained competitive and continued attracting secure investment to develop its extensive gas resources and help meet a forecast 7% year-on-year gas demand growth in Asia.