Australian Oil Production on a Large Scale Unlikely to Happen Soon

Bloomberg reported that large-scale oil and gas production in Australia likely will not happen for up to a decade unless companies focus on higher-priced oil and liquids.

As quoted in the market news:

Australian shale explorers may be a decade away from producing oil and gas on a large scale because of obstacles ranging from a lack of drilling equipment to higher labor and infrastructure costs, Wood Mackenzie Ltd. said.

Projects focusing on higher-priced oil and liquids may earn better returns and reach production faster, according to Wood Mackenzie and ConocoPhillips.

Click here to read the full Bloomberg report.