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Mining & Resources

Oil and gas groups prepare to make their case to new government

16 Sep 2013, by Informa Insights

oil and gas accounting fundamentalsLiberal-National party leader Tony Abbott has secured his place as the next Prime Minister of Australia, and now that at least some political uncertainty has leveled off, oil and gas groups are ready to push their agenda.

Members of several mining, oil and gas representative groups are currently making their way to the nation’s capital to lobby on behalf of these workers with oil and gas training, hoping the Coalition will make good on its promises. These include expanded offshore drilling programs, eliminating mining taxes and doing away with levies on carbon emissions.

The Association of Miners and Exploration Companies (AMEC) has made it clear that it hopes to see the government rework the existing exploration tax credit scheme. Mr Abbott has already made such promises, but it will now go to the Senate for further debate.

This is where the group hopes to sway opinions.

“Fortunately, policy issues like the exploration development incentive (EDI) I would’ve thought would get the support of the Senate. I can’t see why this would be turned into a political football,” said AMEC CEO Simon Bennison.

“It’s being done for all the right reasons to help with new discoveries, which has a direct consequence of improving GDP by about $2 billion at least.”

The companies themselves are also using the end of the election as a time to revamp working. In the Northern Territory, Chief Minister Adam Giles urges exploration companies to begin developing their exploration leases.

Mr Giles stated that it will be important for the territory to do more than just explore potentially lucrative oil and gas extraction sites – It will need to develop these resources quickly and efficiently.


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