A new industry roadmap addressing the long-term needs of the Australian oil and gas industry has identified ways research and innovation can support the sector.
The Commonwealth Scientific and Industrial Research Organisation (CSIRO) has published Oil and Gas: A Roadmap for unlocking future growth opportunities for Australia in the latest report developed as part of CSIRO’s Strategy 2020.
According to the paper, there are four pathways. They are:
- Being more efficient in exploration and production to cost-effectively unlock resources
- Using digital and automated solutions to improve the economics of current assets
- Focusing on advanced environmental technologies to further minimise impacts on air and water, and
- Identifying business models and products that represent new revenue streams, for example diversifying into higher value products like hydrogen.
The roadmap follows extensive consultation, led by CSIRO Futures and Energy divisions, including 80 representatives from industry, government and technology providers.
“As a key oil and gas provider, innovation is critical to Australia to sustain its market position,” said CSIRO CEO Dr Larry Marshall.
“Technological innovation will not only help support the outputs of this important industry for Australia, but increase our efficiency to explore our resources, improve the economics of our current resources, minimise impacts on air and water, and identify new revenue streams like hydrogen.
“For over 100 years CSIRO has used science to solve Australia’s greatest challenges, and is uniquely placed to drive technological innovation for the oil and gas industry, to ultimately help us navigate to a better outcome.”
It is also aligned with the energy resources growth centre, National Energy Resources Australia (NERA), matching key focus areas.
“We are currently in a period of unprecedented technological disruption, and as global industries are shaped and formed through these advances, the oil and gas industry must keep pace,” said NERA CEO Miranda Taylor.
“To capitalise on these opportunities, we must adopt bold thinking, challenge our beliefs around what makes us competitive and transform our approach to how we innovate.”