Victoria Is The Top Place For Oil And Gas Investment

Victoria Is The Top Place For Oil And Gas Investment

Victoria Minister for Energy and Resources Michael O’Brien

Global Survey Names Victoria As Top Spot For Oil And Gas Investment

Victor P Taffa

Victoria has been named as one of the best places in the world for petroleum companies to do business by a respected independent survey of the oil and gas industry, Minister for Energy and Resources Michael O’Brien said today.

The 2011 Fraser Institute Global Petroleum Survey ranked the commercial environment in Victoria for the petroleum industry as the best in Australia and the fourth-best in the world.

Victoria also scored strongly in the key index of the survey measuring how attractive jurisdictions are for investment in the upstream oil and gas industry, ranking 19th out of 136 global jurisdictions for its lack of barriers to investment.

 

Mr. O’Brien welcomed the results, which he said reaffirmed Victoria’s reputation as a great place for oil and gas companies to do business.

“The Victorian Coalition Government is committed to fostering strong investment in the oil and gas industry to create jobs and secure Victoria’s energy supplies.” Mr. O’Brien said.

“The oil and gas industry is already an important source of jobs in rural and regional Victoria and a significant contributor to Victoria’s economy and we are making sure the conditions are right for further growth.”

“These survey results show Victoria is an attractive place for oil and gas companies to do business and is leading the world in providing a welcoming commercial environment to encourage investment.”

“Victoria’s highly-skilled workforce and world class infrastructure mark it out as a top destination for companies looking to carry out oil and gas exploration.”

The Fraser Institute surveyed 478 of the world’s top oil and gas companies who together accounted for more than 60 % of upstream oil and gas exploration expenditure last year.

The survey result comes in the wake of recent figures from the Australian Bureau of Agricultural and Resource Economics (ABARE) which found there were $4.6 Billion worth of oil and gas projects either confirmed or under construction across the state.