The liquefied natural gas industry helped drive reported sales from Western Australia’s mineral and petroleum industries higher over the recent financial year.
Figures released by the state government on Monday showed reported sales from the mineral and petroleum industries totalled A$145 billion (US$98.3 billion) over the 12 months to 30 June.
The figure was A$30 billion higher than the previous year which the government attributed to higher iron ore prices and an increase in liquefied natural gas volumes.
The state’s petroleum sector accounted for 26% of the total value of WA’s mineral and petroleum sales in the recent financial year, second only to iron ore.
LNG sales rose more than A$10 billion, to A$28.9 billion, which, along with a rise in condensate production, offset a 34% decline in crude volumes.
The government also noted that the petroleum sector was valued at A$38.4 billion, an increase of 45% from A$26.5 billion in 2017-18.
While LNG volumes were up, the government noted that the total number of petroleum projects producing in Western Australia was down form 24 in 2017-18 to 23 projects in the recent financial year, with the end of production at Fletcher-Finucane, Mutineer-Exeter and Red Gully, offsetting the start-up of the Ichyths LNG and Prelude FLNG projects.
"State government initiatives such as the Exploration Incentive Scheme and Streamline WA, which is improving regulatory practice, is helping the resources industry succeed,” WA Mines & Petroleum Minister Bill Johnston said.
"Interest and investment in the resources sector remains strong, WA projects in the pipeline had an estimated value of A$108 billion in September 2019."
Employment in the mineral and petroleum industries also rose in the 2018-19 financial year, compared to a year ago, from 112,008 to 124,010.
Almost A$17 billion was invested in Western Australia’s mining industry, representing about 51% of national expenditure.
