“The Gas Code of Conduct, once in force, is not intended to strip producers of profits,” a spokesman said.
2020 LNG export revenues were cut to $36 billion due to a sharp drop in energy demand during pandemic lockdowns around the world. He’s back at $49.9 billion in 2021 as global demand begins to recover after the pandemic.
The industry is expected to pay a total of $4.84 billion in taxes in the 2021-2022 fiscal year, rising to $13.87 billion in 2022-2023.
As gas prices soared globally after the Ukrainian war began, Treasury Secretary Jim Chalmers denied a rash profit tax on corporate profits in the energy sector, even though the UK had introduced it. He said the preferred option would be price regulation.
South Korea and Japan are major customers of Australian gas, and both countries have been assured by the Albanian government that their long-term contracts will not be interrupted.
A spokesperson for the Australian Petroleum Production and Exploration Association (APPEA) said the industry invests hundreds of billions of dollars into the economy, creating thousands of jobs and billions of dollars in government revenue, especially at a time of high global prices. said.
“Australia’s gas exporters’ latest record performance comes at a time when investment policy settings have prompted hundreds of billions of dollars of investment in the industry, bringing thousands of jobs and billions of government revenues to Australians. It shows the benefits it brings.”
Woodside, the United States’ largest oil and gas producer, has warned that the price cap will force it to reassess its plans to invest in Victoria’s Bass Strait gas field. These offshore projects provide significant energy security to states with the highest per capita gas usage, but no other local sources.
APPEA said market intervention undermines investor confidence, creates uncertainty for investors and discourages exploration and new project development.
“We need policies that encourage new investment in supply to put downward pressure on prices,” the spokesman said.
