Ibisworld says oil production in Australia is wavering, but gas output, including coal seam methane, is growing strongly. Meanwhile, both demand for and production of liquefied natural gas (LNG) has begun to soar. LNG is a versatile source of energy that is fast emerging as a cost-effective alternative fuel as oil reserves dwindle and become more expensive and difficult to access. The analyst group predicts revenue for the oil and gas extraction industry will grow at a compound annual rate of 4.3 per cent over the five next years to reach $48.2 billion.
Posted on: Tue, 17 Sep 2013 23:45:09 +0000
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