A changing global landscape
Despite prior successes, the Australian oil and gas sector faces many challenges. A confluence of global trends and domestic challenges require new ways of thinking about the exploration and production oil and gas, and the future of the energy sector more generally. Overcoming them will require innovation and new collaboration strategies.
A vision for the oil and gas industry
The Australian oil and gas industry has the potential to be a globally competitive, sustainable, collaborative and innovative sector that fully supports domestic energy needs and maintains a leadership position in energy export markets.
Enabling the vision
The Oil and Gas Roadmap identifies four high-impact pathways to growth that are enabled by science and technology. These are:
- Being more efficient in exploration and production to cost-effectively unlock resources
- Using digital and automated solutions to improve the economics of current assets
- Focusing on advanced environmental technologies to further minimise impacts on air and water, and
- Identifying business models and products that represent new revenue streams, for example diversifying into higher value products like hydrogen.
Long-term success will also be underpinned by continued innovation, as well as collaboration across the sector and with science and research.