With the balance of these coming online in the next two years, and with no major capital projects in the pipeline, the Australian oil and gas industry needs to shift the focus to production operations to maximise value and increase its overall industry competitiveness.
Ultimately, for the Australian oil and gas industry to ensure continued economic viability globally and to remain truly competitive; excellence must run through the entire value chain.
The opportunity and business rationale is clear for Australia: by investing in innovative solutions to reduce the risk, time, and cost of production operations, the oil and gas industry could maximise value across all phases of the value chain.
These solutions are key to improving competitiveness in the near term. To elevate Australia’s overall competitiveness score, the report identified four elements with the ability to affect the country’s oil and gas performance in a short period.
Priority should be given to driving collaboration between operators and service providers which could see Australia overcome many of its structural supply chain disadvantages.
Industry operators should work towards collaborating to share infrastructure and develop regional ‘hubs’ to better manage and streamline the supply chain process.
The industry should also consider investing in trialling 3D printing and other advanced manufacturing techniques to reduce the reliance on the supply chain in construction and maintenance areas.
Research and innovation
Engagement between industry operators, universities and research institutes can play a larger role in developing innovative solutions to solve the latest industry problems.