Development of Australia's North-West shelf gas reserves

The development of Australia's North-West Shelf gasfield is the largest single private venture yet undertaken in Australia, with expenditure of around A$3000 million. Gas will be exported (primarily to Japan), and there will be local sales, at present confined to the state of Western Australia. Annual revenue is estimated to be A$743 million (in 1977 prices) over the life of the project, with annual tax and royalties rising to A$330 million once loans are repaid. The net effect on Australia's balance of payments is positive in most years. The project's apparent feasibility has provided an impetus to further offshore exploration in the West, with A$400 million now committed.