Economic Contribution of The Oil, Gas & Energy Industry To Australia
With an ever increasing population and the emergence of new economies, the world is in desperate need of cleaner and more sustainable energy. Australia is fast becoming a forerunner in the oil, gas and energy sector with a focus on renewable and cleaner energy. Currently Australia is the world’s ninth largest energy producer.
Australian Energy Production
Coal dominates the total energy production within Australia. As of 2009, it accounted for 54% of production. Uranium accounted for 27%, natural gas 11%, crude oil and liquefied petroleum gas combined accounted for 6% and renewable accounted for 2%.
Image Source: http://www.ret.gov.au/energy/Documents/facts-stats-pubs/Energy-in-Australia-2011.pdf
The Australian Economy
According to the Department of Energy, Resources and Tourism (RET)
“The coal and petroleum industries contributed $68 billion to industry value added in 2008-09, representing 5.7% of Australian total. The electricity and gas supply industries contributed another $19 billion to industry gross value added. Coal is Australia’s largest energy export earner with a value of $36 billion in 2009-2010”
The gas, oil and energy industry is a large contributor to the Australian economy. As demand and consumption for energy increases, so too will the economic contributions. Even though there is a growing world demand for energy and shortages are being experience in some countries, Australia is fortunate enough to have large energy resources that can contribute to the world’s energy demands but also maintain domestic energy demand and supply.
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