Australia is losing its competitive edge in attracting investment in natural gas exploration and production, threatening the nation’s energy security, economic growth and emissions reduction targets, a new report by Wood Mackenzie
Australia is losing its competitive edge in attracting investment in natural gas exploration and production, threatening the nation’s energy security, economic growth and emissions reduction targets, a new report by Wood Mackenzie has found.
The ‘Australia’s Natural Gas Investment Competitiveness’ report found that while global investment in gas exploration has grown by nearly 30% in the past five years, investment in Australia is lagging with just 15% growth recorded over the same period.
The analysis included a CEO sentiment survey of Australian gas producers. 95% of those surveyed believe Australia is a less attractive place to invest today, compared with five years ago. More than 95% of those surveyed reported direct investment impacts from changing government policy and regulatory settings, and one in five affected projects were either cancelled or relocated offshore.
Australia is now attracting only a 15% share of the investment portfolio of major international oil companies, down from 40% just over a decade ago.
Australian Energy Producers Chief Executive Samantha McCulloch said the findings underscored the importance of competitive and stable policy settings for Australia to attract future investment in gas exploration and development.
“The new political landscape presents opportunities for industry to work with the
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