IPWG Update: Overview of Oil, Gas & Energy Sector
SAE-A Newsletter - January, IPWG update: Overview of Oil, Gas & Energy
by: Kelvin Clissold - General Manager, Professional Development
With the ever growing need for energy, engineers within the oil, gas and energy sector are becoming increasingly needed. In a recent report from APPEA, oil, gas and energy recently ranked as one of the highest value-adding industries in Australia. The report identified the sector’s growing importance to the national economy along with predicting that the sector will generate over 7000 direct jobs, adding almost $390 billion of value to the economy.
The oil and gas industry’s annual contribution to Australia’s economic output is expected to more than double from $32 billion in 2012-13 to $67 billion by 2029-30. This equates to around 2.6 per cent of Gross domestic Product (GDP), an increase of more than 0.5 percentage points in the industry’s current contribution to the national economy.
Australia is the world’s second largest exporter of coal, number three exporter of uranium, and number four exporter of gas. These exports provide jobs and export income, and helped Australia withstand the global financial crisis. Energy resource exports contributed $69 billion in income and employed around 123,000 people in 2012–13.2 Energy related industries more broadly contributed nearly $102 billion (6.7 per cent) to Australia’s Gross Domestic Product in the same year.
Oil, Gas& Energy Subsectors are: