World Energy Congress: Labor Party's Fitzgibbbon: Australia oil exploration needs no incentives

Rick Wilkinson
OGJ Correspondent

HOUSTON, Sept. 7 -- Australia's Labor Party Shadow Minister for Mining, Energy, and Forestry Joel Fitzgibbbon warned petroleum explorers in the country that they are unlikely to receive oil exploration incentives if Labor wins the Oct. 9 election .

This became clear during a presentation of his party's energy policy direction at the World Energy Congress in Sydney Sept. 7.

Fitzgibbon pointed out that despite Australia's growing dependence on imported crude, the current high world oil prices should be sufficient incentive to explore for further reserves.

The shadow minister agreed that Australia is using oil three times faster than it is finding indigenous replacement supplies and leaving the country exposed to the whims of OPEC as well as instability in the Middle East.

However, he said Australia should develop and adopt a gas plan as a key part of a broad strategy to diversify the country's energy fuels mix. This would include bringing natural gas reserves—primarily in western and northwestern Australia—to the major markets in the southeast. This could be via a trans-Australian pipeline or by domestic LNG shipments.

The gas plan also would involve the development of a domestic gas-to-liquids industry that Fitzgibbon said is crucial to Australia's future energy independence.

In addition, he said the Labor Government would establish a strategy for assisting companies in commercializing stranded gas reserves. High on the agenda will be a 'gas economy strategy' backed by financial and regulatory incentives for the development of gas-based transport fuel projects.

Related Articles

Financial questions seen for US shale gas, tight-oil plays

03/25/2014 Financial problems of operators in US shale gas and tight oil plays might hold production growth below current expectations, according to the autho...

BOEM: Firms bid $850 million in high bids in central gulf lease sale

03/24/2014 The US Bureau of Ocean Energy Management reported that its central Gulf of Mexico Lease Sale 231 received 380 bids from 50 companies on 326 blocks,...

Statoil makes gas find on flank of Visund field in North Sea

03/24/2014 Statoil Petroleum AS has made a natural gas discovery on the northeast flank of Visund field in the northern part of the North Sea, the Norwegian P...

CNOOC makes natural gas discovery in Bohai Bay

03/24/2014 CNOOC Ltd. has made what it describes as a “mid-sized” natural gas discovery in the Bozhong 22-1 structure in the south-central region of Bohai Bay.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected