Following the AGM and a very positive presentation on the Schools Information Program by Woodvale Senior High School teacher Agnello de Souza, the meeting was addressed by WA Resources Minister John Bowler.

The minister said he had recently returned from visiting Houston, Texas.

“I came back with the opinion that LNG has a very strong future, at least for the next decade if not for the forseeable future,” he said.

“The US will use up 190 trillion cubic feet of gas – its current gas reserves – in the next nine years. Even given major new discoveries, it will need imports and the only answer I can see is LNG.”

Bowler said Australia’s lack of sovereign risk gave the country a significant advantage as an LNG exporter, and the current dispute between Royal Dutch Shell and the Russian Government over the Sakhalin-2 LNG project would only help the Australian industry.

But if the Australian LNG, domestic gas and oil ndustries were to meet their potential, much more exploration would have to be undertaken, according to Bowler.

“Whether it’s onshore or offshore, we really haven’t scratched the surface,” he said.

He praised Federal Resources Minister Ian Macfarlane’s push for flow-through share schemes as a driver for increased exploration and criticised Treasurer Peter Costello as being shortsighted for blocking such a scheme.

“I keep telling him [Macfarlane]: ‘Don’t give up. Commonsense will prevail.’,” Bowler said.

The Petroleum Club’s next meeting will be held at the same venue on Tuesday October 10. The guest speaker will be Woodside Petroleum projects director Roy Thompson who will give an overview of the company’s major projects over the next few years.