The LNG industry in Australia could contribute more than AUD$55 billion (€39 billion) to the country's GDP in 2020 and become the world's largest and most technologically advanced, according to a report by Accenture.
To secure its place as the world's leading LNG producer there is a need to improve international competitiveness, remove regulatory constraints and introduce a more flexible labour relations regime.
Over the next five years, natural gas production will increase by more than 90%, the number of wells in production will increase by 400% and pipeline infrastructure in Australia will increase by 45%.
Total cumulative capital investment and operating expense will reach around AUD$360 billion (€255 billion) by 2020 – 40% more than the AUD$250 billion (€177 billion) invested during the recent capital investment boom.
In addition, greater industry and regulatory collaboration, accelerated workforce re-training and further investment in digital and automation will be required.'The speed, scale and scope of the transition is unprecedented,' says Bernadette Cullinane, Asia Pacific MD for Accenture's energy industry group.
'The industry must be ready to support and maintain safe, efficient and reliable operations for the next 40 years.'
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