Gas revenues to bounce back in 2015-16: report

Oil and gas extraction revenue is set to bounce back following a period of decline.

Oil and gas extraction revenue is set to bounce back following a period of decline.

Revenue from oil and gas extraction is expected to bounce back following a period of decline, according to the latest figures from research company IBISWorld.

IBISWorld Senior Industry Analyst Spencer Little said it is anticipated that 2015-16 will offer a much rosier picture for some of the nation’s largest industries, including oil and gas extraction.

“Additional capacity in the oil and gas extraction industry is projected to come on line in 2015-16, including some of the first east coast LNG export facilities,” Mr Little said.

“These gas projects are expected to contribute significantly to capital expenditure in the mining division in 2015-16 and also drive strong export growth.”

IBISWorld’s forecast places oil and gas growth at 12.8 per cent, bringing in approximately $A45 billion in revenue.

Click here to view IBISWorld’s Oil and Gas Extraction in Australia: Market Research Report.

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