‘Business as usual’ era over
AUSTRALIA’S oil and gas sector cannot be ‘complacent’ and must adapt to remain globally competitive, according to the CSIRO.
In partnership with National Energy Resources Australia (NERA), CSIRO has released a report outlining a pathway for growth enabled by science and technology.
The Roadmap for unlocking future growth opportunities in Australia, informed by industry consultation and the opinions of executives and managers identified four key areas.
“we are currently in a period of unprecedented technological disruption, and as global industries are shaped and formed through these advances, the oil and gas industry must keep pace.”
These included enhanced basin productivity; digital and automated solutions for current assets; advanced environmental solutions to minimise impacts on air and water; and identifying business models and products for new revenue streams -- for example, diversifying into higher value products such as hydrogen.
“If these opportunities are pursued collectively by companies and Government entities, the Australian sector may become more competitive and innovative, thereby, unlocking its potential and solidifying its place as a major oil and gas player in the decades ahead,” the report stated.
Companies were also encouraged to focus on a number of ‘business ecosystem’ improvements, including new approaches to collaboration, an energy security focus, and improving the sector’s public image by fostering trust between Government, industry and stakeholders.
NERA chief executive Miranda Taylor said a lack of Australian-led innovation had contributed to an environment where oil and gas leaders were either unable or unwilling to take full advantage of the technology advancements of the fourth industrial revolution, such as robotics and artificial intelligence.
“We are currently in a period of unprecedented technological disruption, and as global industries are shaped and formed through these advances, the oil and gas industry must keep pace,” Ms Taylor said.
CSIRO chief executive Larry Marshall said the sector had an opportunity to re-invent its future through innovation.
“We believe this sector can continue to contribute to Australia’s future economic prosperity, which is why we’re investing not only in solving today’s challenges, but also in the breakthrough science we need for tomorrow's solutions, like our new Deep Earth Imaging,” Dr Marshall said.
The full report can be found at: www.csiro.au/oil-and-gas.
A sample future vision for enhanced Basin productivity.