APPEA backs Turnbull as replacement PM

APPEA  chief executive Malcolm Roberts

APPEA chief executive Malcolm Roberts

The country’s peak body for the oil and gas industry has thrown their support behind the new Prime Minister, Malcolm Turnbull.

Mr Turnbull snatched the reins from outgoing Prime Minister Tony Abbott late last night in a snap Liberal leadership ballot.

The Australian Petroleum Production and Exploration Association’s chief executive Malcolm Roberts said in a statement that the association was looking forward to working with the new PM.

“The industry supports a renewed focus on economic and regulatory reforms to improve Australia’s global competitiveness,” he said.

Mr Roberts cited the country’s wealth of LNG resources as a vital element to the future economic growth of Australia.

“The LNG industry is doing just that.  Australia is leading the world in producing LNG from coal seam gas and will pioneer the use of floating LNG platforms to tap otherwise uncommercial offshore gas reserves. 

“The sharp fall in international gas prices is placing local industry under pressure. The LNG industry is striving to reduce costs to stay competitive in a crowded global market.” 

The APPEA chief, who was appointed to the position in May, added that improving regulation to ensure Australia stays competitive during the oil price downturn is key to providing returns to the community from natural resources projects.

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