‘Busi­ness as usual’ era over

The Australian Energy Review - - NEWS - El­iz­a­beth Fabri

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.

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