Gas and oil prospects
In the coming decades natural gas may take a lead role in providing energy to the world while mitigating climate impacts. Our optimistic view is based on the advantages of gas relative to other fossil fuels, including its abundance, wide geographical distribution and environmental impact – natural gas emits fewer emissions than coal and oil when burned. In addition, there have been substantial cost reductions in liquefied natural gas (LNG) production, transport and receiving technologies.
This report develops a reference point for stakeholders interested in an outlook for development of gas resources in Australia, with a focus on prospects for the proliferation of LNG trade.
On balance, we find favourable prospects for Australia in the long-term energy landscape – given the country’s prominence as a gas and LNG supplier and our view of sufficient global gas demand to absorb future supply from diverse sources – but we emphasise that both the gas industry and governments should be ready to innovate and adapt to rapidly-changing market conditions.