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    market news

    Ten-Year Wait for Large-Scale Australian Oil and Gas Production?

    Charlotte McLeod
    May. 18, 2012 10:56AM PST
    Oil and Gas Investing

    Bloomberg reported that obstacles such as a lack of drilling equipment and increased labor and infrastructure costs could mean that Australian shale explorers will not reach large-scale oil and gas production for another ten years.

    Bloomberg reported that obstacles such as a lack of drilling equipment and increased labor and infrastructure costs could mean that Australian shale explorers will not reach large-scale oil and gas production for another ten years.

    As quoted in the market news:

    ‘The only factor that could change that significantly is if there’s a liquids-rich play that really drove the need to rapidly bring in the rigs,’ Andrew McManus, the Sydney-based vice president of Australasia energy consulting at Wood Mackenzie, said in an interview. ‘Then you can see the value proposition and would want to fast-track that.’

    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.

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