Australia’s Queensland state government has again lowered its forecasts for royalties from LNG exports amid lower oil prices, based on its budget papers for the 2016-17 fiscal year ending 30 June. It estimated that royalties from petroleum were A$36mn ($27mn) in 2015-16, which are forecast to rise to A$68mn in 2016-17. This compares with the previous A$33mn and A$273mn, respectively, that was contained in Queensland’s mid-year fiscal and economic review 2015-16, released in December last year.
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