Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Minister outlines Australia's energy future.



Download PDFDownload PDF

Minister for Resources and Energy, Minister for Tourism

Minister outlines Australia's Energy Future

The Minister for Resources and Energy, the Hon Martin Ferguson AM MP, today outlined Australia's response to the enormous and growing domestic and global energy security challenges.

Speaking at the Committee for Economic Development of Australia's State of the Nation 2008 Conference, Minister Ferguson said high oil prices and high price volatility will continue to affect Australia's economic outlook, however developments in coal-to-liquids and gas-to-liquids could play a greater role in meeting domestic demand for transport fuels and providing clean diesel and jet fuel

to Asia-Pacific markets.

Minister Ferguson said: "Not only do we have to do more with our vast coal and gas reserves, we have to find more oil.

“There is real potential for more discoveries. The recent reassessment of the Ichthys field in WA, now the biggest oil find in Australia since Bass Strait in the 1960s, demonstrates this.

"Australia has more than 50 potential basins; the vast majority are largely unexplored.”

Minister Ferguson also outlined the significant work being done to develop a second-generation biofuel industry, a geothermal energy industry capable of delivering base-load power, and highlighted the global factors driving oil prices to record high levels.

"When it comes to energy, particularly oil and increasingly gas, the world is retreating from the open markets and free trade we have worked so hard to achieve since World War II. A significant share of Asian consumption is in markets with some form of subsidy.

"As one of the world's energy superpowers, Australia is committed to achieving energy security through open and transparent global markets for energy trade and investment.

"A number of international forums are grappling with the issues of oil prices and energy security and it is my intention to reinvigorate the energy security agenda - for Australia and the region - through the International Energy Agency, the APEC Energy Working Group and the East Asian Summit’s Energy Cooperation Task Force.

"It is also vital that Australia takes stock of domestic energy and this is why my Department is preparing a National Energy Security Assessment which will lead to an Energy White Paper to put in place the policies necessary for Australia’s long-term energy security."

For a copy of Minister Ferguson's speech visit http://minister.ret.gov.au

RET Minister > The Hon Martin Ferguson AM MP

The Hon Martin Ferguson AM MP

05 Jun 2008