When Queensland’s oil boom hits the road

When Queensland’s oil boom hits the road

A Queensland oil boom has hit the road, with an oilfield that once generated thousands of jobs on the Sunshine Coast.

Key points:Queensland’s oil industry is a $2.4bn industry in 2020The state is already producing oil at a rate of around 7.5 million barrels a dayIt’s expected to triple in size by 2030, to 5.4 million barrels per dayQueenslanders will now produce an average of 8.6 million barrels of oil a daySource: Queensland Department of Environment and Heritage Protection (QDHEP)About 2,000 people are employed at a handful of Queensland oil and gas companies, including those that have their own rigs.

It’s the first time in history that the Queensland oil industry has exploded, creating jobs and an estimated $2bn in economic activity.

But for some Queenslanders, it’s also a warning sign of the future.

“I hope that we’ll be able to do something like this in the future,” said Sarah Taylor, a member of the BHP Buna community, about the boom.

“It’s great, we’ve got a lot of opportunities to be able do more, we’re all in it together, we can do it.”

“I think the oil boom is one of the greatest things in the history of the state.”

Ms Taylor’s family started their own oil andgas business in 1988.

“We had to start thinking about the future, we needed to find something else, we were all in the same boat, we didn’t know what we were going to do with our lives,” she said.

“My dad and I didn’t have a job, we just wanted to get up in the morning, put our head down, work and have a good day.”

There was just nothing else we could do.

“When we started looking for something else to do, we had a pretty good idea of where the oil was going to go, what was going on with the mining industry.”

Queenslands has now surpassed Victoria as the country’s largest oil producing state, with a peak production of more than 6.5m barrels a year in 2016.

“The boom has definitely made a difference, we now have a bigger pool of oil and the industry is much more vibrant,” said Dr Mark Jones, a senior research fellow with the Australian Institute of Company Directors (AICD).

“I’m hoping that the oil industry will continue to expand and be able [to] be a bigger part of the economy in the longer term.”

Mr Jones said Queensland was still growing at a much slower rate than other states and he was worried about the state’s future.

He said while the boom was a positive sign, there were still concerns about the viability of the industry.

“What we’re really concerned about is how long it can last,” he said.”[We have] some of the lowest prices in the world for oil, and it’s a bit of a gamble for the government to be encouraging that.”

Topics:energy-and-utilities,business-economics-and_finance,jobs,business,environment,business_environmental_issues,environmental-impact,environment-management,government-and/or-politics,state-parliament,quebec,yoruba,south-east-qld,canberra-2600,qld-4100First posted November 16, 2021 11:57:20Contact Sarah Taylor

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