Collaboration, increased innovation investment and the integration of autonomous and digital technologies across the supply chain are critical factors that will power future growth across Australia’s $55 billion energy resources sector, according to a new industry report.
The 2018 Update to the NERA (National Energy Resources Australia) Sector Competitiveness Plan was unveiled last week at industry events in Perth and Brisbane as a roadmap for the oil, gas, coal and uranium sectors.
The plan outlines a 10-year vision for Australia to be a global energy powerhouse, a sought-after destination for investment and the leading source of knowledge and solutions.
It also outlines the sector-wide transformational changes needed to unlock a potential $10 billion in value to the national economy identified by NERA.
The 2018 update follows the release of the inaugural Sector Competitiveness Plan last year and arrives at a critical time for a sector experiencing unprecedented disruption from new technologies, unique business models and the challenge to transition to a decarbonised economy.
NERA chief executive Miranda Taylor said despite the challenges, Australia’s energy resources sector remains one of the principal sources of revenue underpinning the nation’s economy and directly employing approximately 85,900 full time workers.
In addition, ten times that number of jobs are supported through the supply chain and broader economy.
This places Australia’s energy resources sector among the world’s most successful, leveraging the country’s rich natural resources, geographical advantages and strong performance in developing talent and knowledge.
But Ms Taylor said more needs to be done to maintain Australia’s competitive advantage and for the energy resources sector to be in a leading position in the global technology race.
“We need to develop local talent, capability and capacity, and continuously find, adapt and deploy technology to remain at the forefront of automation innovation to ensure future sector growth is not left unexploited,” Ms Taylor said.
“Australia has a proud history of discovery and a willingness to give things a go, which has allowed us to maximise our natural advantages and support a strong domestic energy resources value chain.
“Our future prosperity, however, cannot be guaranteed without industry and supporting supply chains working collaboratively to realise the efficiencies and productivity improvements that future operations will demand.
“NERA’s global benchmarking of the Australian energy resources sector clearly shows more needs to be done to improve the sector’s competitiveness when compared to global peers.”
To meet this challenge, NERA has highlighted how automation and digital technologies can deliver opportunities for industry to realise cost management, efficiency, safety and productivity improvements on a global scale.
“Unless we work together, our sector cannot realise these opportunities and our transition towards a decarbonised energy future will not occur,” Ms Taylor said.
“The speed and nature of digital transformation means industry must now access the very best knowledge and talent wherever it is and fast, and therefore the importance of deepening collaboration between researchers and innovators, industry and governments cannot be overstated.”