Australian Oil and gas tax may raise no extra revenue for decades  

Posted by Big Gav in , ,

The Age has an article comparing the income generated from natural gas exports by new global production leader Australia over the previous incumbent, Qatar - Turnbull government called on to explain where Australia's offshore gas wealth is going.

By 2021 Australia will eclipse the Persian Gulf state of Qatar to become the world's biggest exporter of liquefied natural gas. In that year, when both countries are forecast to pump and ship roughly 100 billion cubic metres of LNG each, Qatar's government will receive $26.6 billion in royalties from the multinational companies exploiting its offshore gasfields. According to Treasury estimates, Australia will receive just $800 million for the same volume of gas leaving its shores.

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