Australian Oil Industry Tipped To Double Investment To $6 Billion A Year

Australian Oil Industry Tipped To Double Investment To $6 Billion A Year

Share to Linkedin Oil selling for more than $70 a barrel has breathed life into the downtrodden Australian oil and gas industry even as it battles criticism from environmental protestors and investor activists. Last week saw the best and worst conditions for Australian oil and gas producers with a national energy conference marred by attacks from the usual suspects in the conservation movement and unusually from leaders in other parts of the country's all-important resources sector. Australian liquefied natural gas (LNG) producers are starting a new round of project development. Iron ore billionaire Andrew Forrest sided with organisations such as the Australian Conservation Movement to call for a ban on the expansion of the oil and gas industry and a focus on renewable energy sources. But the flipside of the negative views was an upbeat research report which said Australian oil and gas was preparing for the next wave of growth. Published by the Australian arm of Jarden, a New Zealand-based investment bank, the key finding was that the four biggest oil and gas companies in Australia are preparing to double their annual spend on new projects from the $2. 9 billion annually of the last five years to $6