Oil & Gas Industry Competitiveness Assessment

23 August 2016

NERA has worked with Accenture to provide a comprehensive, data-driven assessment of Australia's oil and gas industry from a global viewpoint, providing insights and opportunities for dramatic improvement.

According to the Oil and Gas Industry Competitiveness Assessment, Australia ranks as the most competitive country in the exploration phase, with a score of 7.5, above the global median of 5.2.

This is a combination score for both conventional and unconventional exploration and appraisal wells.

Wells drilled in Australia can be completed efficiently and effectively, but the large number of unconventional wells introduces a bias into the statistical score. The total score does not accurately reflect the real exploration state of play in Australia and does not analyse the exact nature of exploration or the potential of unrealised exploration.

Further, due to low commodity prices and the high cost environment in Australia, exploration activity has almost stopped in the past 18 months.

To address this, NERA commissioned Accenture to undertake further analysis of Australia’s exploration and appraisal performance reflecting conventional and unconventional wells. The results of this analysis are provided below.