Australia’s fast-growing energy sector offers new opportunities for north-east firms, says KPMG.
The professional service group, which has held a seminar in Aberdeen on the prospects for the industry Down Under, highlights the £61billion-plus estimated value of Australia’s gas sector alone.
Energy exports from the country are expected to rise by 50% in real terms by 2018.
Stuart Russell, senior trade and investment manager at the Western Australian government’s European office, said: “Oil and gas is one of Western Australia’s major markets and we expect a period of rapid expansion in the next five years. In Perth alone, 43 European companies have set up premises in recent years; 11 from the UK.”
Oil and gas firms will invest a record £443billion in global exploration and production (E&P) during 2013, 10% more than last year, Barclays says in a new report. The bank also expects PetroChina to be the world’s largest E&P spender this year, overtaking ExxonMobil.
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