The Oil and Gas Roadmap – unlocking future growth opportunities in Australia outlines science and technology-based high impact pathways to address some of the major challenges and uncertainties currently facing the industry and unlock its potential over a 10 plus year time horizon.
Enhanced basin productivity, digital operations and maintenance, advanced environmental solutions and processes, and high value diversification are the four strategic opportunities identified from more than 80 oil and gas executives, technical experts and government stakeholders who contributed to the roadmap.
NERA Chief Executive Miranda Taylor said regulatory uncertainty and a lack of Australian-led innovation had contributed to an environment in which the Australian oil and gas industry was either unable or unwilling to take full advantage of technological advancements.
“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,” said Ms Taylor.
“To capitalise on these opportunities, we must adopt bold thinking, challenge our beliefs around what makes us competitive and transform our approach to how we innovate.”
CSIRO Chief Executive Larry Marshall said the Australian oil and gas sector had an opportunity to re-invent its future through innovation and improve its market position.
“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,” said Dr Marshall.
Ms Taylor said NERA’s collaboration with CSIRO is a strong example of how it is providing a framework for the energy resources sector to think differently about technological opportunity, sustainability and a low emissions future.