The boom in the natural gas sector will lift Australia's prosperity and aid the clean energy debate, Resources and Energy Minister Martin Ferguson says.
Mr Ferguson said the liquefied natural gas sector (LNG) was exceptionally important to the nation's economic future.
"Within five years, we expect to climb further up the ladder with exports exceeding 50 million tonnes," he said in Canberra on Monday.
"That effectively means that only Qatar will be exporting more than Australia. This growth is underpinned by long term contracts."
Australia was the fourth largest exporter of LNG, $8 billion in 2010, and this would grow as more nations searched for lower carbon emitting fuels, Mr Ferguson said.
"In the last 12 months we have also achieved our first long term contracts with India and Korea," he said.
"One of the reasons is because of the clean energy debate."
Mr Ferguson said gas and wind would be the early growth sectors in clean energy if Australia established a price on carbon along with a renewable energy target.
On Thursday, Prime Minister Julia Gillard announced a carbon price would be introduced from July 2012, but decisions were yet to be made on what sectors would be included.
Overseas companies were eyeing opportunities in investing in LNG projects within Australia, Mr Ferguson said.
Last week US energy producer ConocoPhillips announced China Petrochemical Corporation would become a minor partner in its LNG project with Origin Energy, Australia Pacific LNG Pty Ltd.
"Our reputation as a reliable supplier and the long-term demand in the region in which we live is the reason why companies such as ConocoPhillips are investing in Australia," he said.
"In just the last three months, the coal seam methane sector in Australia alone with two projects that are new investment decisions worth $31 billion."
Local workers would benefit from the investment in skills to supply the workforce for the expanding clean energy sector, MrFerguson said.
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