The Northern Territory’s record export figures, largely driven by liquefied natural gas, have been welcomed by Australia’s oil and gas industry.
The NT recorded its highest ever levels of international trade in the year to 2019, reaching $8.1 billion with a 111.5% increase on the previous year, according to NT Government figures. This result was mainly due to recent exports from INPEX’s Ichthys LNG project in Darwin.
The US$34 billion Ichthys LNG Project – one of the world’s largest oil and gas projects – is expected to supply more than 8.9 million tonnes of LNG per year over the next 40 years.
Darwin’s two LNG plants, Ichthys and the Darwin LNG facility, operated by ConocoPhillips, employ almost 1000 full-time workers with the vast majority being NT-based.
APPEA Chief Executive Andrew McConville said it was impressive to see LNG exports from providing a major economic boost for the Territory.
“As we are seeing right across Australia, the LNG export industry is a significant source of strength for our economy and will provide decades of future growth and prosperity,” Mr McConville said.
LNG exports continue to underpin the ongoing growth and strength of Australia’s economy, according to recent Australian Bureau of Statistics (ABS) figures.
“The oil and gas industry has invested more than $350 billion in the economy over the last decade and this investment will deliver decades of growth, exports and jobs for Australia,” Mr McConville said.
“However for the LNG sector to continue to thrive and be a key driver of the economy, exploration and development must be fostered not restricted – and industry must continue to have confidence to invest.”