CSIRO releases roadmap for oil and gas evolution
Thursday, 05 October, 2017
CSIRO has released a roadmap addressing the long-term needs of the Australian oil and gas industry, identifying how research and innovation can support this evolving sector. ‘Oil and Gas: A Roadmap for unlocking future growth opportunities for Australia’ is the latest in a series of roadmaps outlining challenges and opportunities faced by a number of sectors, which have been developed as part of CSIRO’s Strategy 2020.
The oil and gas roadmap identifies strategic business as well as science and technology growth areas vital to the long-term success of the sector, taking into account relevant oil and gas megatrends.
Four pathways that are enabled by science and technology can help the sector address key challenges:
- Being more efficient in exploration and production to cost-effectively unlock resources
- Using digital and automated solutions to improve the economics of current assets
- Focusing on advanced environmental technologies to further minimise impacts on air and water
- Identifying business models and products that represent new revenue streams; for example, diversifying into higher value products like hydrogen.
The roadmap follows extensive consultation led by CSIRO’s Futures and Energy divisions, including 80 representatives from industry, government and technology providers. It is also aligned with the energy resources growth centre, National Energy Resources Australia (NERA), matching key roadmap focus areas with NERA’s knowledge priority areas.
CSIRO Chief Executive Dr Larry Marshall said: “As a key oil and gas provider, innovation is critical to Australia to sustain its market position. Technological innovation will not only help support the outputs of this important industry for Australia, but increase our efficiency to explore our resources, improve the economics of our current resources, minimise impacts on air and water, and identify new revenue streams like hydrogen.
“For over 100 years the CSIRO has used science to solve Australia’s greatest challenges, and is uniquely placed to drive technological innovation for the oil and gas industry to ultimately help us navigate to a better outcome.”
NERA Chief Executive Miranda Taylor said: “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.
“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.”
The roadmap is the fifth in CSIRO’s Industry Roadmap series. The report can be read or downloaded here.
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