The Australian Petroleum Production & Exploration Association (APPEA) has outlined the role the oil and gas
industry plays in Australia's economy, as the sector helped underpin the latest Western Australian (WA) budget
surplus while backing net-zero measures.

By fueling the WA budget surplus, the oil and gas sector is powering industries critical to the economy and
directly helping fund public services and infrastructure, as the budget's climate action plan included measures to
enable businesses to accelerate to net-zero and support the deployment of new technology such as carbon
capture, utilisation and storage (CCUS), highlights APPEA.

This comes after the Australian Petroleum Production & Exploration Association threw support behind the
Climate Change Authority's focus on carbon capture technology last month, following CCA's report, which
underscored the importance of CCUS to reaching net-zero, urging for more support to back the technology.

Caroline Cherry, APPEA's WA Director, commented: “The oil and gas industry is helping deliver the public
services and infrastructure Western Australians rely on such as schools, hospitals and roads. Gas is a critical
energy source for a raft of sectors including manufacturing and mineral processing which provide so many
economic benefits for WA and substantial revenues for the budget.”

While emphasising the industry's enduring and broad economic role, APPEA's WA Director explained that about
70,000 jobs were supported along the state's gas industry supply chain at a time the budget said WA was hitting
record employment levels. Cherry also pointed out that the oil and gas industry itself was making a substantial
direct contribution with Commonwealth grants for North West Shelf oil and gas exports estimated at $1.4 billion
this financial year alone, up $400 million from the previous one.

“This wide role in the economy has enabled these industries beyond the petroleum sector to grow, employing
more Western Australians and delivering more cash to the government. The industry understands its role in the
energy transformation to net-zero and shares the national commitment to net-zero across the economy by 2050,”
added Cherry.

In addition, APPEA's WA Director highlights that the industry supported new measures as part of the state's
climate action plan, including LNG Jobs Taskforce funding to investigate CCUS technology and a
decarbonisation package for heavy industries.

“These measures are a step in the right direction towards that target and WA's cleaner energy future,” concluded
Cherry.