Exploration & Production

Glimmers of hope for Aussie upstream sector in 2018

Australia’s upstream sector is starting to see a recovery in investment prompted by higher oil prices and growing regional LNG demand Australia’s upstream sector is starting to see a recovery in investment prompted by higher oil prices and growing regional LNG demand.
By Sally Bogle 18 January 2018 0 29155
The North Rankin platform in the North West Shelf. The North Rankin platform in the North West Shelf. (Woodside)

A recovery is under way in Australia’s offshore sector as operators tentatively respond to higher oil prices and LNG demand growth in China and Southeast Asia. While Australia is far from seeing a return to boom levels, companies are starting to spend again on drilling, surveying and exploration following a prolonged drop in investment

“Things are certainly looking somewhat brighter for players in Australia’s upstream sector as we enter 2018. Indeed, stronger oil prices should improve the margins [...] for upstream producers, encouraging more...