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House of Assembly - Fifty-Third Parliament, First Session (53-1)
2014-10-16 Daily Xml
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Cooper Basin

Mr GEE (Napier) (14:31): My question is to the Minister for Mineral Resources and Energy. Can the minister update the house on petroleum well forecasts in the Cooper Basin?

The Hon. A. KOUTSANTONIS (West Torrens—Treasurer, Minister for Finance, Minister for State Development, Minister for Mineral Resources and Energy, Minister for Small Business) (14:31): South Australia is at the centre of an energy revolution, and you might be aware that it is happening right here in South Australia. Our great state is seeing billions of dollars spent across the state in the search for oil and gas. This investment has broken through the half billion barrier in 2013-14 to $531.3 million. It is a new record, up threefold on exploration expenditure just two years ago.

Our basins in the state's north rank amongst the world's best to source both oil and gas in conventional reservoirs and natural gas in unconventional reservoirs. The world's petroleum explorers want to come to South Australia to be part of the nation's largest onshore oil and gas province. They want to come to South Australia to capitalise on our estimated 300 years-plus worth of domestic supply. They want to come to South Australia because they know they will find no more supportive government than this Labor government.

We welcome these explorers and the billions of dollars of investment they can bring to our economy. Our regional communities have the most to gain from the jobs and development that their investments generate. As employment figures in this sector show, more than 15,300 people are now employed in the resources sector in South Australia—more than double what it was a decade ago.

I am pleased to inform the house today of the figures from the Department of State Development which give yet another indication of how our sector is thriving. Forecasts to the year end by the Department of State Development show that we are on track to drill more petroleum wells in a year in the Cooper Basin than ever before.

Based on rig schedules, 116 wells are expected to be drilled breaking through the 100 well barrier for the first time. Each well drilled translates into more investment, more jobs and secures our energy security. It is an exciting forecast and evidence of a very, very thriving oil and gas sector.

Today also marks the third and final day of the Asia Pacific Oil and Gas Conference held at the Adelaide Convention Centre. We are proud to have hosted more than 1,000 registered delegates, all of whom are dedicated to growing opportunities across this most vital sector. The message that I want our interstate and overseas guests from the conference to take away from this forum is that South Australia is the very best place in the world to invest in the oil and gas sector, despite what the opposition says.

The SPEAKER: The last comment was beyond the scope of the question and, accordingly, I call the Minister for Mineral Resources to order.

The Hon. A. KOUTSANTONIS: Sir, I didn't say a thing.

Members interjecting:

The Hon. A. KOUTSANTONIS: I just sat down quietly.

Members interjecting:

The SPEAKER: No, it was the last clause of your answer.

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