Western Australia has leapt from 56 to 21 in the respected Fraser Institute Global Petroleum Survey 2010.
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Tuesday, 7 September 2010
Western Australia has leapt 35 places as an international business destination - from 56 to 21 - in the respected Fraser Institute Global Petroleum Survey 2010.
Mines and Petroleum Minister Norman Moore said the internationally-recognised survey gave WA a global ranking of 21 in its attractiveness for investment in petroleum exploration and development.
“The Fraser Survey lists WA as improving its world ranking from 56 last year to 21 this year,” Mr Moore said.
“It also ranked the Department of Mines and Petroleum’s (DMP) petroleum geology database the third best in the world, compared to 18 in 2009.”
The Minister said the State Government was focused on further enhancing WA’s oil and gas industry.
“The State Government wants to continue to improve WA’s international oil and gas reputation by streamlining approvals processes for the petroleum and mining industry,” he said.
“We are supporting this goal with $8million in additional funding to the DMP outlined in the 2010-11 budget, including $6million for petroleum specific activities.
“This will be spent in the next four years to set up and maintain a seamless approvals system designed to deliver approvals within a reasonable time frame and cost.”
Mr Moore said the implementation of the lead agency framework was also an important step in the approvals reform process.
”This is a significant step in a series of approvals reforms aimed at providing a more efficient and better co-ordinated process for responsible development in WA,” he said.
“The DMP has taken a proactive role in helping proponents through the entire approval process and liaising with other agencies where required.”
The Minister said the reforms had helped increase WA’s attractiveness as a preferred business destination.
“WA’s ranking in this (Fraser Institute) survey can be attributed to the hard work of the State Government and the DMP in implementing reforms,” he said.
The State’s petroleum sector, which includes crude oil, condensate and LNG, is WA’s second biggest sector, accounting for 28 per cent or $16.8billion of total sales in 2009.