SA: Fed govt keen to examine incentives fo oil, gas exploration
Industry Minister IAN MACFARLANE says the federal government is keen to investigateincentive schemes to boost oil and gas exploration in Australia.
Mr MACFARLANE's told the Australian Petroleum Production and Exploration Associationin Adelaide that a flow-through shares scheme is among the initiatives being considered.
He says it's a process which would give tax relief to the investor while at the sametime providing a capital opportunity for the company to go out and use that money to explore.
He says the initial response to such schemes in Australia has been unfavourable, basedon examples in Canada which were rorted.
But he says the current Canadian model has gone some way towards reversing the sharpdecline in mineral and oil exploration in the past three to four years.
Mr MACFARLANE says Australia would be foolish to overlook its natural advantages toattract exploration investment, including the large amount of prospective acreage on offer.
AAP RTV tjd/ld/jmt
KEYWORD: OIL MACFARLANE (ADELAIDE)
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