Oil and Gas News

Digital transition shows $74bn potential for economy

A report commissioned by METS Ignited and National Energy Resources Australia (NERA) has found that Australia could see $74 billion flow into the economy by 2030 if the mining and oil and gas industries harness new technologies.

Embracing technologies such as data analytics, automation and digital technologies would also create over 80,000 new local jobs in the resources sectors.

The report, which was prepared by AlphaBeta, revealed by 2030 an onshore LNG plant will be highly automated, more compact and around 30 per cent more productive than its present-day equivalent.

Technology’s influence would cast ripple effects to and bring about job opportunities in the primary resources companies, the supply chain supporting automation in those companies and the wider economy.

The domestic supply chain could enjoy an estimated $32 billion of benefits and 265,000 jobs alone if it decides to participate in this tech transition.

Job losses due to automation, however may not be compensated by job creation in the supply chain and wider economy if the former does not adapt.

“Australian suppliers of automation technologies face opportunities to provide data analytics, systems integrations software and niche hardware,” the report stated.

“They can also continue to provide support to primary producers when implementing new automation technologies through project management services.”

The report predicted that caretaker robots, system integration software, sensors and advanced data analytics as well as connected worker technologies will underpin the future plant.

“This kind of technology opens up new, unexplored opportunities for the resources sector and what this report shows is the huge economic opportunity if new technology is embraced,” Federal minister for Industry, Science and Technology Karen Andrews added.

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