A new roadmap published by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) has identified several growth areas to aid the expansion of the Australian oil and gas industry, which is currently challenged by low-cost overseas competition and attempts to reduce carbon intensity within the local energy sector.
The report, entitled ‘Oil and Gas: A Roadmap for unlocking future growth opportunities for Australia’, is the product of consultation executives, tech experts and managers from the oil and gas industry and government agencies, and encompasses the findings of about 80 interviews of research material.
Four opportunities for growth were identified in the report, including enhanced basin productivity through the use of improved infrastructure, data collection and technology; advanced environmental solutions, such as reducing greenhouse gas emissions and improving the efficiency of decommissioning projects; digital operations and maintenance, which involves the use of robotics, automation and digital supply chains; and high-value diversification, proactively pursuing new products to diversify revenue streams by integrating renewable technology into existing operations.
As the oil and gas sector faces stiff competition from burgeoning alternative fuel and energy technologies, as well as low oil prices, CSIRO has concluded that the industry cannot become complacent and must adapt to change.
One of the most interesting factors in the report is its identification of the need for renewable integration into the oil and gas business model, perhaps a concession to changing trends in a fast-moving energy market.