Thriving gas industry could deliver 150,000 jobs

A new report has suggested new gas industry workers could supply the government with $5 billion in revenue.
A new report has suggested new gas industry workers could supply the government with $5 billion in revenue. Santos

A THRIVING gas industry in Australia has the capacity to deliver 150,000 jobs through $180 billion in spending.

The startling figures from by corporate advisors McKinsey & Company were released at a major oil and gas conference in Brisbane on Tuesday.

Its Extending the LNG Boom report suggested those new workers would supply the government with $5 billion in new revenue, putting a dent in the national deficit of $19 billion.

Although Queensland already leads the charge with three major liquefied natural gas projects on Curtis Island off Gladstone, the high cost of developing in Australia was eroding the benefits.

According to the report, Australia is between 20% and 30% more costly than the international competitors vying for the same investment in North America and East Africa.

The findings were backed by Santos chief executive officer David Knox, who told media on Tuesday that while the gas giant was still looking at new or "greenfields" projects in the form of off-shore drilling, new gas projects on the mainland were unlikely within the next decade.

But new tricks learned during the construction of the Gladstone LNG project on Curtis Island held some secrets to keeping costs lower.

"I'm not saying it's easy," he said. "It's 20% to 30% more expensive right now on a global basis.

"But engineers are quite clever - they come up with new ways of doing things."

Topics:  curtis island gladstone lng resources santos

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