Australian Exploration Opportunities Grow
As investment into Australia’s oil and gas industry shows signs of peaking, work is under way to secure the next wave of growth.
The industry in Australia has been driven by extensive development of large-scale liquefied natural gas (LNG) projects in Western Australia and Queensland over the past decade.
But how the next phase of expansion will be secured is being questioned by industry associations and analysts.
Statistics reveal investment into Australian projects has started to fall. According to the Bureau of Resources and Energy Economics (BREE), much of Australia’s exploration takes place in Western Australia where $1.9 billion (AUD $2.1 billion) was invested in 2011–12.
However, this was a 12 percent fall against 2010–11 and was the first time in five years expenditure dropped.
On a national level, expenditure fell by 3.5 percent to $2.9 billion (AUD $3.2 billion) in 2011–12. WA captured 66 percent of the national spend, down from 72 percent in 2010–11.
Advanced projects have also been affected, with around $135 billion (AUD $150 billion) worth delayed, cancelled or reassessed in the past 12 months, according to BREE.
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