NERA (National Energy Resources Australia) and CSIRO have presented Australia's oil and gas industry with pathways to capitalise on advances in robotics, automation and artificial intelligence to solidify its position as a global powerhouse for the decades ahead.
Oil and Gas: A Roadmap for unlocking future growth opportunities in Australia outlines science and technology-based high impact pathways to address some of the major challenges and uncertainties currently facing the industry and unlock its potential over a 10+ year time horizon.
Enhanced basin productivity, digital operations and maintenance, advanced environmental solutions and processes, and high value diversification are the four strategic opportunities identified from more than 80 oil and gas executives, technical experts and government stakeholders who contributed to the roadmap.
NERA Chief Executive Miranda Taylor said regulatory uncertainty and a lack of Australian-led innovation had contributed to an environment in which the Australian oil and gas industry was either unable or unwilling to take full advantage of the technological advancements of Industry 4.0.
"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," Ms Taylor said.
"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."
CSIRO chief executive Dr Larry Marshall said the Australian oil and gas sector had an opportunity to reinvent its future through innovation and improve its market position.
"We believe this sector can continue to contribute to Australia's future economic prosperity, which is why we're investing not only in solving today's challenges but also in the breakthrough science we need for tomorrow's solutions like our new Deep Earth Imaging," Dr Marshall said.
Ms Taylor said NERA's collaboration with CSIRO was a strong example of how it was providing a framework for the energy resources sector to think differently about technological opportunity, sustainability and a low emissions future.
The full report is available from www.csiro.au/oil-and-gas