Western Australia Oil & Gas delegation visits UAE
By 2017 Australia is expected to produce 87metric tons of LNG
An oil & gas delegation from Western Australia visited UAE to further strengthen bilateral relations with the country.
The Western Australian branch of AMCHAM (American Chamber of Commerce) headed by Penelope Williamsbrought a 36 member delegation to the UAE to strengthen the growing trade relationship with Western Australia. The delegation was led by Pankaj Savara, commissioner of Western Australian Trade Office (WATO) in Dubai. The delegation met with Abu Dhabi National Oil Company (ADNOC) and the Abu Dhabi Chamber during their visit.
“The meetings held in Abu Dhabi provided the delegation with an opportunity to share Western Australia’s capacity in terms of both the supply and services, and the potential investment opportunities in Western Australia’s LNG sector. The delegates had the opportunity to meet the representatives of UAE’s oil and gas industry with a perspective to formulating a meaningful business relationship. The delegates also had the chance to elaborate the potential for increased business engagements, following the growing air connectivity between UAE and Western Australia,” said Savara.
By 2017 Australia is expected to produce 87 Metric tons of LNG, ranking it above Qatar as the world’s leading LNG (Liquefied natural gas) exporter. With two thirds of its reserves located in three basins off the Western Australian coast, Perth, Western Australia’s capital city is the ideal host of the most prestigious triennial LNG conference the 18th ‘International Conference & Exhibition on Liquefied Natural Gas’ (LNG18).
The trade between Western Australia and UAE were to the tune of $920 million in 2013. Currently 57.1% of the trade between Australia and UAE is carried out with Western Australia. Last year, a high-level business delegation was led by the Minister of Economy Sultan Bin Saeed Al Mansouri to Western Australia to explore ways of strengthening economic and trade relations with the State.
“There has been a significant increase in trade between Australia and the UAE over the last few years. Australia has been a popular destination for UAE nationals along with the fact that there has been a steady rise in investments from the UAE over the last few years. We are very keen on building the relationship with UAE. Western Australia has a strong track record in implementing multibillion dollar oil and gas projects. The State dominates Australian petroleum production, accounting for 69 per cent of natural gas, including LNG feedstock, 95 per cent of oil and condensate production, and around 89 per cent of LNG exports nationally,” added Savara.
The largest Australian State, Western Australia, is the largest grain and mineral exporting state with one of the most resource rich precincts in the world. Perth is home to the largest concentration of global oil and gas companies in Australia. In 2012–13, the resources sector was worth $102 billion with its mineral and energy exports contributing a dominant 89 per cent share of the State’s merchandise exports earnings. The main resources targeted in Western Australia are iron ore, natural gas, gold, alumina and nickel.