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Senate Call for Government Owned Oil Company

640px Oil platform P 51 Brazil 1

A call today in the Senate for Australia to follow a global lead and establish its own oil company.

With Norway's Equnior hoping to capitalise on oil drilling in the Great Australian Bight, Centre Alliance SA Senator Rex Patrick said Australia should be the one to reap billions of dollars in profits.

The Norwegian Government has received $28 billion (AU) on Equinor’s $105 billion revenue.

Norway, along with Brazil, Malaysia and Japan are among dozens of countries that partly or wholly own their oil companies and generate huge government revenue.

In Australia, the industry is privately run and companies pay taxes and generate profits for shareholders.

Today Senator Patrick will call on the Senate to hold an Economics Committee inquiry into the issue.

Photo by Agência Brasil, wikipedia