Oil and gas exploration is seeing better days according to an industry white paper.
More than 90 per cent of oil and gas professionals believe the industry will improve or remain the same in the mid-to-long term, according to the second annual Industry Confidence Report.
The report, commissioned by the Australasian Oil & Gas Conference & Exhibition (AOG), surveyed 700 senior and operational managers, engineers, consultants, contractors and business development managers. They overwhelmingly agreed the current health of the Australasian oil and gas industry is either stable or improving.
It also found that 76 per cent of respondents believe exploration will stay the same or improve despite many major projects coming online and fewer large fields actively being sought.
“The survey found that increasing investment in new technology and innovation was the highest priority for the respondents’ organisations over the next three years, narrowly followed by increasing collaboration with other industry organisations,” AOG said in a public statement.
Almost 45 per cent of respondents make investing in new technology as either a “high priority or their highest priority,” compared to just 23 per cent who considering it to be a “low or non-existent priority.”
Renewables are a major talking point among respondents, with 81 per cent agreeing the oil and gas industry’s transitioning to new energy sources is a positive move towards renewables, remote energy sources and other alternatives to traditional energy sources and fossil fuels.
Only 7 per cent disagree, while the remaining 12 per cent are still not sure of the impact.
“Many respondents noted that becoming involved with and using renewable sources of energy provided future avenues of growth,” AOG said.
The report is available for all delegates to download after AOG ends and people can register for free here.