❓ Hon Tom Stephens asks the Treasurer about petroleum royalty forecasts, including expected production levels, oil prices, and royalty revenue from 2000-2001 to 2003-2004. The Treasurer provides the initial budget estimates and notes ongoing monitoring due to oil price uncertainty.
AnsweredQoN 681Legislative Council
QuestionView source ↗
681. Hon Tom Stephens to the Attorney General representing the Treasurer:
I refer to forecasts of petroleum royalties for the years 2000-2001 to 2003-2004 and the assumptions underlying those forecasts -
(1) At the time of the Budget, what was the expected level of production assumed oil price ($US per barrel) and royalty revenue for the years -
(a) 2000-2001;
(b) 2001-2002;
(c) 2002-2003; and
(d) 2003-2004?
(2) What is the current expected level of production, assumed oil price ($US per barrel) and royalty revenue for the years -
(a) 2000-2001;
(b) 2001-2002;
(c) 2002-2003; and
(d) 2003-2004?
I refer to forecasts of petroleum royalties for the years 2000-2001 to 2003-2004 and the assumptions underlying those forecasts -
(1) At the time of the Budget, what was the expected level of production assumed oil price ($US per barrel) and royalty revenue for the years -
(a) 2000-2001;
(b) 2001-2002;
(c) 2002-2003; and
(d) 2003-2004?
(2) What is the current expected level of production, assumed oil price ($US per barrel) and royalty revenue for the years -
(a) 2000-2001;
(b) 2001-2002;
(c) 2002-2003; and
(d) 2003-2004?
AnswerView source ↗
Answered
8 November 2000
Response time
84 days
The Minister Replied:
(1) At the time of the 2000/01 budget, petroleum royalties were expected to raise $382.5 million, $310.5 million, $282.5 million and $262.5 million respectively over the years 2000/01 to 2003/04. These estimates were based on an assumed oil price of $US22-23 a barrel in 2000/01, and $US19-20 a barrel (the long-run average price) thereafter. The expected levels of production were based on confidential estimates provided by resource companies to the Department of Minerals and Energy.
(2) No changes to the budget time estimates have been made at this point in time, due to uncertainty over the future direction of oil prices. Nonetheless, Treasury will continue to closely monitor the situation.
(1) At the time of the 2000/01 budget, petroleum royalties were expected to raise $382.5 million, $310.5 million, $282.5 million and $262.5 million respectively over the years 2000/01 to 2003/04. These estimates were based on an assumed oil price of $US22-23 a barrel in 2000/01, and $US19-20 a barrel (the long-run average price) thereafter. The expected levels of production were based on confidential estimates provided by resource companies to the Department of Minerals and Energy.
(2) No changes to the budget time estimates have been made at this point in time, due to uncertainty over the future direction of oil prices. Nonetheless, Treasury will continue to closely monitor the situation.
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