http://www.abc.net.au/news/stories/2010/07/05/2944444.htm?section...

http://www.abc.net.au/news/stories/2010/07/05/2944444.htm?section=justin


Government urged to boost gas, oil reserves
By Adrienne Francis

Updated 2 hours 53 minutes ago

Australia's peak petroleum industry body will today urge the Federal Government to boost oil and gas exploration after the changes to the resources tax.

The Australian Earth Sciences Convention begins in Canberra today.

The Australian Petroleum Production and Exploration Association will highlight how Australia has slipped from being self-sufficient in oil and liquid fuel production to having a $16 billion annual trade deficit.

Unless a major discovery is made within five years the Federal Government has forecast the deficit will almost double to $30 billion per year.

The association will call for development of petroleum, natural gas and coal seam gas reserves.

The revised resources tax will extend an existing petroleum tax to oil and gas projects.

However, the tax is deductible and does not take effect until projects are profitable.

Tags: business-economics-and-finance, industry, oil-and-gas, government-and-politics, federal-government, tax, australia, canberra-2600, wa

First posted 3 hours 6 minutes ago