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Australia, US building strong resources and energy ties

24 April, 2015

Australia and the United States are continuing to build strong trade and investment partnerships in the resources and energy sector, Minister for Industry and Science, Ian Macfarlane, told an international conference Thursday (23 April).

Speaking at the IHS CERAWeek Conference in Houston, Texas, Macfarlane said the Australian Government was building robust policies that would help create an environment that encouraged investment in its diverse resources and energy sector.

"The resources and energy sector is a cornerstone of Australia's prosperity, creating jobs and encouraging ongoing investment in our industries," Macfarlane told the conference, which was attended by more than 2,500 energy industry leaders, policy experts and government officials from around the world.

Macfarlane said the US was a key part of Australia's resources investment future and drew strong parallels between the resources and energy policies and goals of both countries.

"Australia and the US are major energy producers that understand the importance of global, regional and domestic energy security and improving access to affordable energy," he said.

"We are working together to promote global trade liberalisation through open and transparent markets and negotiating the Trans-Pacific Partnership Agreement with 10 other parties to open up new trade and investment opportunities in the Asia-Pacific region."

The Minister drew parallels between the Australian and US oil and gas sectors.

"The US is gearing up to join Australia in becoming a significant LNG exporter. In fact, it is expected that our two countries will lead the expansion of global LNG trade over the remainder of the decade," Macfarlane said.

Macfarlane highlighted the important investment being made by US companies in oil and gas exploration in Australian offshore waters.

"Apache Corporation, Chevron, Hess, Liberty Petroleum and Murphy Oil are among the North American investors that have established a presence in some of Australia's remote and deep-water frontier exploration areas," Macfarlane said.

"Their presence in these high-risk, high-reward areas shows that Australia is a significant destination for oil and gas investment, with great potential for future discoveries.

"It is also a testament to the dynamic economic relationship that Australia and the US continue to enjoy. We look forward to continuing to play a strong role in the international energy economy."

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