Global petroleum survey
South Australia in top 10 for oil and gas investment.
The 2017 Fraser Institute Global Petroleum Survey again rated South Australia as the best performing jurisdiction for oil and gas investment in Australia, in its Oceania region, in the southern hemisphere and 10th in the world.
An industry respondent quoted by the Fraser Institute said, ‘Providing fiscal, regulatory, and other incentives through its Plan for Accelerating Exploration (PACE) scheme to explore and develop gas (whether conventional or unconventional) is an exemplary policy. In addition, the government maintains a high quality online data facility. South Australia successfully ensures that government is accessible and willing to respond to issues in a practical manner.’
South Australia has consistently been ranked by industry to be in the top three jurisdictions in the Oceania region since 2009. It has demonstrably sustained an efficient and effective investment framework with clarity in its regulatory regime. South Australia is ranked higher than all other Australian jurisdictions with respect to fiscal terms, taxation in general, cost of regulatory compliance, lack of regulatory duplication and inconsistencies, and legal system processes.
The Fraser Institute is an independent Canadian public policy research and educational organisation. The institute conducts annual surveys of the international mining and petroleum sectors to rate the performance of sector regulatory agencies. Factors assessed by the 331 survey respondents include: commercial environment, geopolitical risk, regulatory climate, i.e. certainty regarding regulatory obligations and costs, infrastructure, quality of geological data, and certainty over environmental regulations and protected areas.
The Oceania region includes six Australian states, Northern Territory, offshore Australia, Timor Gap Joint Petroleum Development Area, New Zealand, Brunei, Malaysia, Philippines, Papua New Guinea, Indonesia and Timor L’Este.
– Elinor Alexander