Australian Petroleum Production and Exploration Association

View from The Hill: Budget 'centrepiece' will be $14.6 billion cost-of-living package

Retrieved on: 
Tuesday, May 9, 2023
Aston, Pressure, Industry, CPI, Gold Coast, Coalition, Opposition, Pension, Eye, Electricity, Chalmers, Government, LNG, Australian Petroleum Production and Exploration Association, Investment, Gold, Association, Liberal, Ageing, LNP, Treasurer, Family, Labour, Renewable energy, Health insurance, Social security in Australia, Robodebt scheme

There was speculation at the weekend, which the government refused to confirm or deny, of a possible modest across-the-board rise in JobSeeker.

Key Points: 
  • There was speculation at the weekend, which the government refused to confirm or deny, of a possible modest across-the-board rise in JobSeeker.
  • Earlier, the JobSeeker assistance was expected to be confined to those 55 and over.
  • At the same time the budget is tipped to see a surplus this financial year, although Treasurer Jim Chalmers constantly stresses the pressure it will be under in later years.
  • About 40% of the upgrade in revenue comes from strong employment growth and a pick-up in wages growth.
  • So, we will work hard with the LNP in Queensland to make sure that we do win,” Dutton said.
  • There is also an expectation that former prime minister Scott Morrison will resign from parliament before long.

What Australia's new gas tax will mean for new projects, the economy and the climate

Retrieved on: 
Tuesday, May 9, 2023
Shell, Review, Industry, ConocoPhillips, Policy, Tax, Electricity, Chalmers, Negotiation, Government, Natural Resources, Petroleum, Treasury, Petroleum industry, Australian Petroleum Production and Exploration Association, Significance, Time, Income, Woodside Energy, William Ewart Gladstone, Labour, PRRT, Renewable energy, Natural gas, Video game, Cryptocurrency, Life insurance, LNG

On Sunday Chalmers flagged changes to the petroleum resource rent tax (PRRT) – a tax on the profits from oil and gas exports – that he says will mean the offshore LNG industry “pays more tax, sooner”.

Key Points: 
  • On Sunday Chalmers flagged changes to the petroleum resource rent tax (PRRT) – a tax on the profits from oil and gas exports – that he says will mean the offshore LNG industry “pays more tax, sooner”.
  • Bad resource tax design works against this because it means those resource profits are immune from tax.
  • Read more:
    Australia already has a UK-style windfall profits tax on gas – but we'll give away tens of billions of dollars unless we fix it soon

Dusting off review recommendations

    • The changes come in response to recommendations from two reviews: the Callaghan Petroleum Resource Rent Tax review released in 2017 by then-treasurer Scott Morrison; and a subsequent Treasury review released on Sunday.
    • The Callaghan report recommended changes to the tax only be applied to new projects, to maintain the stability of the sector.
    • Currently, an entity’s liability is levied at 40% of the taxable profit made from its interest in the project.
    • His government accepted eight of the 11 recommendations from that review and eight recommendations from the Callaghan Review (recommendations accepted but not implemented by the previous government).

Modest, balanced or weak reform?


    Labor’s proposed changes are too modest and are only expected to net the government about $2.4 billion over the next four years. The proposed tax scheme will cap deductions to limit the proportion of PRRT assessable income that can be offset by deductions to 90%. It will also mean that producers will start paying petroleum resource rent tax immediately rather than in 2030 as is the current expectation.

How have the reforms been received?

    • She called on the government “to work constructively and cooperatively with the opposition”.
    • The Greens want the government to eliminate the $284bn of accumulated credits that allow gas companies to reduce their tax liability.
    • LNG exports are worth more than $90 billion per year, yet this step will yield only $600 million annually.
    • Local liquified natural gas producer Santos and multinationals including Shell, Chevron, and ConocoPhillips may also be affected, media reports suggest.

Real change is desperately needed

    • Significant change to the petroleum resource rent tax is desperately needed to address budget repair and blowouts.
    • In the decade before the Gladstone LNG port opened, when Australia’s gas exports soared, company taxes and the resource tax paid by the industry were approximately 15% of revenue.
    • In 2022, Australia exported a record 81.4 million metric tonnes of LNG, earning the industry $92.8 billion (when expected revenue was $44 billion).

Quorum Software Introduces Cloud-First Energy Solutions to Australia Market at APPEA 2022

Retrieved on: 
Tuesday, May 17, 2022
Software, Technology, Energy, Oil, Gas, Economics, Brisbane Convention & Exhibition Centre, FIBES Conference and Exhibition Centre, Australian Petroleum Production and Exploration Association, Solution, Research, Efficiency, Industry, Software, Conference, Growth, Exhibition, Convention center, Renewable energy, Online shopping

Quorum Software (Quorum), the global software leader dedicated to the energy industry, will exhibit its market-leading, cloud solutions including Energy Components, Planning Space, and FLOWCAL at the Australian Petroleum Production & Exploration Association (APPEA) 2022 Conference and Exhibition .

Key Points: 
  • Quorum Software (Quorum), the global software leader dedicated to the energy industry, will exhibit its market-leading, cloud solutions including Energy Components, Planning Space, and FLOWCAL at the Australian Petroleum Production & Exploration Association (APPEA) 2022 Conference and Exhibition .
  • We are thrilled to attend our first APPEA Conference at a time when Australia and other markets are increasing focus on import and export terminals to supply the worlds energy, said Paul Langenbahn, President of Quorum Software.
  • We look forward to sharing our solutions, which represent the deepest and widest application suite across the energy value chain worldwide, said Justin Curle, Director, Australia & New Zealand of Quorum Software.
  • Quorum Software is the largest fully dedicated energy industry software provider in the world, serving more than 1,800 customers across the entire energy value chain in 55 countries.

Gold Resource Corporation Announces Organization Changes to Further Derisk the Back Forty Project

Retrieved on: 
Thursday, April 14, 2022
Mining, Minerals, Natural Resources, CEO, Board, MBA, Risk, Compliance, Operations support system, Cadastre, Gold, Mechanics, Don, Company, Area studies, Australian Petroleum Production and Exploration Association, NYSE, National Society of Consulting Soil Scientists, Trustee, Director, Time, Management, American, Robert Foth

Allen Palmiere, President and CEO said Advancing the Back Forty Project in Michigan is a key priority for the Company.

Key Points: 
  • Allen Palmiere, President and CEO said Advancing the Back Forty Project in Michigan is a key priority for the Company.
  • With the addition of Patrick and Steve to the management team, I feel strongly we have significantly increased the likelihood of success for the Project.
  • Over his career, Patrick held positions as a rock mechanics engineer, senior planning engineer, senior project engineer and project superintendent.
  • Gold Resource Corporation is a gold and silver producer, developer, and explorer with its operations centered on the Don David Gold Mine in Oaxaca, Mexico.