Barnett Govt Improves Gas And Oil Investment Rankings

Barnett Govt Improves Gas And Oil Investment Rankings

Western Australia Minister for Mines and Petroleum Bill Marmion

WA Now Even Better Petroleum Investment Bet

Victor P Taffa

  • State ratchets up 17 positions in global ranking
  • Report highlights low-risk business environment

State Government policies are making Western Australia an even stronger magnet for gas and oil industry investment, with the State lifting 17 positions in rankings published by the respected international Fraser Institute, Mines and Petroleum Minister Bill Marmion said.

“The institute’s latest petroleum investment attractiveness survey is an excellent result for WA, especially in the current economic climate.” Mr. Marmion said.

“We have now moved into the top 25 % of global investment destinations in the eyes of petroleum industry executives and decision makers.”

The Minister said the climb in rankings was partly due to better scores for reducing trade barriers and reduced uncertainty over environmental regulations and taxation.

“There is no doubt this improvement has been prompted by the State Government’s introduction of clear new regulations for the petroleum and geothermal industries.” Mr. Marmion said.

“The Department of Mines and Petroleum’s recognition as one of the world’s top three shale and tight gas regulators has also helped.”

“WA now has a best-practice suite of regulations covering the life cycle of petroleum activities including safety, environment and field management, and this provides improved certainty for investors.” Mr. Marmion said.

Mr. Marmion said he also believed Ministerial trade delegations over the past year, including his presentations to investors in Singapore, South Korea and China, had nurtured the State’s international trade and investment reputation.

“WA is one of a few places where potential remains for large discoveries and we rank among the best jurisdictions in the world for new petroleum ventures.” the Minister said.

“There is still work to be done. Our focus is on continuous improvement, providing industry with a stable, transparent business environment that is even more conducive to investment.”

Fact File

  • WA has risen to 33rd position in the Fraser Institute’s investment attractiveness survey of 126 petroleum jurisdictions
  • The survey involved 439 international petroleum managers and executives