Please Wait.....
Report
Australia Oil and Gas Upstream Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 95 Pages I Mordor Intelligence
The Australian oil and gas upstream market is expected to record a CAGR of more than 2% during the forecast period (2022-2027). The COVID-19 outbreak affected the market negatively, causing a global decline in the demand for crude oil and a crashing of oil prices worldwide. These factors led to a decline in upstream activities due to economic unfeasibility. The market is expected to recover once the restrictions imposed to contain the pandemic are lifted. Factors such as a large proven hydrocarbon resource base and stability of government regulations are likely to drive the market during the forecast period. However, the volatility of crude oil prices and higher production costs from unconventional resources are likely to restrain the market's growth during the forecast period.
Key Highlights
The offshore segment is expected to dominate the market during the forecast period.
Australia has about 2.4 thousand million barrels of total proven oil reserves, which can be exploited in the future for commercial production. This factor is likely to present opportunities for the players in the Australian oil and gas upstream market.
The country's shift toward renewable energy sources is likely to restrain the market during the forecast period.
Australia Oil & Gas Upstream Market Trends
Offshore Segment to Dominate the Market
Australia derives most of its oil and gas production from offshore fields. The offshore reserves contribute a significant share of oil and gas resources to the Australian economy, accounting for over 85% of petroleum production in 2020.
Petroleum production in the country has been declining over the years, mainly because of the country's shifting focus toward natural gas. As of 2020, Australia was the second-largest exporter of petroleum after Qatar.?
With healthy support from the government, offshore exploration and production activities in Australia are expected to witness a significant increase during the forecast period. In August 2021, Australia's parliament passed the Offshore Petroleum and Greenhouse Gas Storage Amendment Bill 2021 to strengthen the country's offshore oil and gas regulatory framework.
In March 2021, Beach Energy made a gas discovery at the Artisan 1 exploration well, located about 30 km offshore Victorian Otway Basin, Australia. The well encountered a gross gas column of 69.5 m in the Upper Waarre Formation with a net gas pay of 62.9 m.
In July 2021, Western Gas announced its plans to start drilling work at the Sasanof-1 exploration well offshore Western Australia in early 2022. The Sasanof Prospect estimated resources of 24 trillion cubic feet (Tcf) of gas and 1.1 billion bbls of condensate, which may bolster the country's production capabilities.
Due to the factors mentioned above, the offshore segment is expected to dominate the Australian oil and gas upstream market during the forecast period.
Shift Toward Renewable Energy Sources Likely to Restrain the Market
Over the past decade, renewable energy usage in Australia increased much faster than non-renewable fossil fuel sources. The most widely deployed renewable energy source in Australia are solar and wind power sources, contributing to more than 90% of the renewable energy in 2020.
In 2020, the renewable energy source witnessed an average growth of 21%, with 49.9 Terawatt-hours (TWh) of total power generation compared to 41.2 TWh in 2019. Solar generated about 23.84 TWh, followed by wind generating 22.6 TWh and 3.41 TWh by other renewable sources such as hydropower and bioenergy.
In 2020, Australia's total installed solar capacity was 17,625 MW compared to 13,564 MW in 2019, witnessing a significant growth rate of 30%. The total installed wind capacity in 2020 was 9,457 MW compared to 7,133 MW in 2019. The growing concerns about the environmental impacts of the usage of fossil fuels have driven the rapid growth of the renewable energy market, which may continue during the forecast period.?
Additionally, renewable energy projects benefit from government schemes and incentives such as feed-in-tariff (FiT) and net-metering schemes. Due to these factors, despite the relatively higher cost, renewable energy prices are competitive with the price of electricity generated from natural gas.?
In March 2022, Acciona secured environmental approval for its 923 MW Maclntyre wind project in Queensland, Australia. The construction is expected to begin in the second quarter of 2022 and finish by 2024.
Thus, the increasing renewable energy adoption in Australia is likely to restrain the Australian oil and gas upstream market during the forecast period.
Australia Oil & Gas Upstream Market Competitor Analysis
The Australian oil and gas upstream market is moderately consolidated. Some of the major players in the market include Shell PLC, Chevron Corporation, BP PLC, ExxonMobil Corporation, and Woodside Petroleum Ltd.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Introduction
4.2 Australia Crude Oil and Natural Gas Production Forecast, Until 2027
4.3 Active Rig Count Historic Trend in Australia
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraints
4.7 Supply Chain Analysis
4.8 PESTLE Analysis
5 MARKET SEGMENTATION - BY LOCATION OF DEPLOYMENT
5.1 Onshore
5.2 Offshore
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Shell PLC
6.3.2 Total Energies SE
6.3.3 Chevron Corporation
6.3.4 ExxonMobil Corporation
6.3.5 BP PLC
6.3.6 Woodside Petroleum Limited
6.3.7 BHP Group PLC
6.3.8 Origin Energy Limited
6.3.9 Santos Limited
6.3.10 Caltex Australia Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security