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Highlights:
- As per Mineral and Petroleum Review 2021-22, oil and gas industry has been the backbone for resource sales in Western Australia.
- Petroleum sales improved by 22% and bounced back to pre-pandemic levels, recording a sale worth AU$231 billion.
In a recent Mineral and Petroleum Review 2021-22, it was revealed that the Australian oil and gas sector has been the backbone of the resource sales in Western Australia for the fourth year in a row now. As per the review, petroleum sales in Western Australia has achieved a ‘record high’ this year, helping the state’s miners to achieve ‘new highs’ as it employs the most number of people in the country.
The review also demonstrated the significance of the oil and gas industry to the state and national economies, said the Australian Petroleum Production & Exploration Association (APPEA). This time, the resource sector generated a record mineral and petroleum sales worth AU$231 billion, with petroleum sales returning to the pre-pandemic levels. The petroleum sales recorded a 22% improvement in the share of total resource sales.
Meanwhile, LNG production was reported to be worth AU$38 billion, condensate production was worth AU$8.6 billion, domestic gas production was worth AU$1.6 billion, crude oil production reached a seven-year high worth AU$3.6 billion, and lastly, LPG production was at 10-year high worth AU$708 million.
Claire Wilkinson, Director, Australian Petroleum Production & Exploration Association, said:
This means supporting the majority of Western Australia’s AU$137 billion in iron ore sales and AU$4.9 billion in nickel sales, thereby boosting the resources sector’s employment of more than 157,700 workers.
Claire Wilkinson also added:
