Energy critical/media/accenture/... · In 2011, Australia was the world’s second largest coal...

Energy criticalA sustainable growth strategy for Australian gas

2 Energy critical: A sustainable growth strategy for Australian gas

Contents

Foreword 3

The outlook for LNG 4

Snapshot: The Australian and international 6 LNG landscape

Opportunities and core challenges 8

Lessons we can learn 10

A path forward 13

1. Opening the door to investment 13

2. Collaborating across the board 13

3. Developing a national Australian energy body 14

4. Encouraging greenfield development 14

5. Powering up research and development 15

A vision for the future 16

Further information 18

Report contributors 18

About our research 18

References 18

Energy critical: A sustainable growth strategy for Australian gas 3

Foreword

Australia will miss out without action.

How will Australia ensure that its rapidly expanding LNG sector grows sustainably and benefits the whole economy in the years to come? With no time to waste, the question becomes, what is needed to galvanise stakeholders to the dangers of conducting yet more reviews and relying on a naturally-rich resource base to take care of itself while real action is avoided?

The stakes are high: without intervention, Australia will lose out to international competitors and compromise not just new major LNG developments but the development of an efficient, secure and sustainable domestic energy sector, which impacts the entire economy.

According to the comprehensive international ratings in the 2014 Global Energy Architecture Performance Index published by the World Economic Forum and Accenture, Australia ranks 26th globally in delivering an effective and balanced energy system through growth and development, environmental sustainability, and energy access and security. A panel of 103 business leaders surveyed by The Australian Financial Review in 2014 believe the LNG boom offers great opportunities if steps are quickly taken to manage sustainable growth.

At Accenture, we believe long-term, sustainable resource development of LNG is a key priority for Australia. In our report Energy critical: A sustainable growth strategy for Australian gas, created in partnership with The Australian Financial Review, Accenture recommends five interventions needed for Australia to make decisive and comprehensive progress in streamlining and improving LNG development.

There is a stark reality to face: successfully harnessing the benefits of the LNG boom requires Australia to transform into an efficient operator without delay and develop a robust,

reliable national framework which ensures sustainable resource development for decades to come. Due to global primary energy demand growth, more LNG production is required. While demand exceeds supply there will be a strong market for LNG, but Australia’s place in this market is not guaranteed unless the LNG market is structured to compete successfully for international investment.

Gertjan Leideman Managing Director – Strategy, Australia & New Zealand Accenture

Jan-Willem Jannink Managing Director – Resources, Australia & New Zealand Accenture


An impending increase in LNG production means that by 2020, Australia will become one of the two largest gas producers in the world.1 The facts are clear – rapid growth is already underway and a series of major projects will reach full production in the next few years.

This expansion has occurred since the first LNG exports were made from the North West shelf in 1989, with current projects developed in only the last five years. But the speed of this surge owes more to good fortune than planned success which will not support long-term sustainable growth.

The industry is investing around A$200 billion over five years with additional investments valued in the tens of billions that are currently under consideration.2 Australia must be an attractive marketplace to ensure new investment is planned.

Given the long-term nature of LNG projects, it is critical for Australia to have a healthy pipeline of opportunities which gradually convert into real investment commitments. The stakes for Australia are high – limited investment in new LNG projects lead to unrealised resources potential and, more importantly, Australia will lose additional tax revenue and job creation opportunities.

Australia remains a high cost, high regulation environment. The LNG market is dynamic and Australia is competing with a range of LNG-producing regions such as North America, East Africa and the Middle East. It is also clear that a wealth of natural resources no longer equals an automatic success.

According to Gertjan Leideman, Managing Director - Accenture Strategy, “Immediate interventions are essential to ensure critical opportunities are effectively leveraged for Australian LNG producers, domestic and international consumers, and the economy. Further delays in managing sweeping structural change may risk compromising the significant benefits from this burgeoning new energy stream; or even the entire endeavour.”

The outlook for LNG

The outlook for gasHarnessing the benefits of the looming LNG boom means Australia must transform into a major global operator without delay

By 2020, Australia will be one of the two largest gas producers in the world

No.2

The outlook for gasHarnessing the benefits of the looming LNG boom means Australia must transform into a major global operator without delay

By 2020, Australia will be one of the two largest gas producers in the world

No.2


Australia’s energy wealth derives from substantial resources, including coal, petroleum and gas. In 2011, Australia was the world’s second largest coal exporter and in 2012 the third largest LNG exporter with over 70 per cent of its energy production being exported.3 Gas provided 20 per cent of all final energy consumption in the Australian economy in 2010-11, with the balance coming from oil (52 per cent), electricity (21 per cent), coal (4 per cent) and renewable energy (4 percent). A third of the gas used in the domestic economy is used for supplying electricity.4

But this picture is rapidly changing as Australia’s export capabilities increase and the value of exports grows, compared to the domestic market. LNG exports have been growing steadily over the past five years; by 10 per cent a year on average. This is projected to increase over the coming years as new LNG projects come online and ramp-up to full production rates.5 The initial wave of development has created an opportunity for incremental development using existing infrastructure and there is also major resource potential for greenfield development in new areas such as the Cooper Basin and Canning Basin.

“Once all of the LNG projects under construction are completed and exporting at full capacity, which is expected by the end of the decade, it will be vying with iron ore as Australia’s largest single resource exporter by value and the biggest resource taxpayer,”6 according to Damien Giurco and Kevin Morrison, Institute of Sustainable Futures, UTS.

Australia’s LNG exports by value are forecast to increase more than fivefold in less than a decade to reach A$60.95 billion in 2018/2019 compared with A$11.95 billion in 2011-2012, and it is estimated LNG earnings will overtake the total value of coal exports.7

Snapshot: The Australian and international LNG landscape

2010-11 final energy consumption in the Australian economy

20%

52%

21%

4% 4%

Gas Oil Electricity

Coal Renewable energy

Australia’s LNG export forecast

2018-2019

A$60.95billion

2011-2012

A$11.95billion


The ramp-up to full LNG export capacity will coincide with the expiry of a large number of domestic gas supply contracts. The review and negotiation of contracts in a market exposed to global prices will place further pressure on domestic prices. However, Origin Energy’s public submission to the current federal government Energy White Paper noted the discussions on pricing often fail to recognise the ‘symbiotic’ link between opening up Australia’s LNG export potential and thereby securing on-going domestic supply.8

Gas production in eastern Australia is forecast to treble over the next three-to-five years to meet international LNG demand. Increasing international demand has already had an impact on prices. Spot prices for gas also rose in 2012−13, with an above average frequency of price spikes including: 69 per cent in Brisbane; 51 per cent in Sydney; 33 per cent in Melbourne; and 34 per cent in Adelaide.9

Operations employment in the oil and gas sector is expected to experience robust growth from about 39,000 workers in 2013 to more than 61,000 in 2018; a 57.2 per cent increase as many major liquefied natural gas projects under construction move into their production phase.10

Recent analysis reveals Australia’s status as a producer is not reflected in other key areas of high performing energy sectors globally. Australia was ranked 26th in the 2014 Global Energy Architecture Performance Index, published by the World Economic Forum (WEF) and Accenture, in delivering an effective and balanced energy system.11

Australia is ranked in the top 10 countries for economic growth and development, and energy access and security but not for environmental sustainability. Low performance in this area is mainly due to the economic cost of building a truly sustainable energy system; high performance targets used to assess performance (based on existing legislation); and the fact that environmental sustainability was not a priority of the energy discourse until recently.12

The existence of large, natural energy resources is not a critical performance factor in the rankings, the report concludes. More important are efficiency and sustainability measures and the efficacy of a country’s energy policy. Resource wealth needs to be managed effectively to drive economic growth.13

Top performing countries, such as Norway, rate strongly in the Global Energy Architecture Performance Index due to market structures, longer-term market certainty, and non-partisan funding to build a sustainable energy system. Financial instruments and incentives are used to boost the energy efficiency of the industry and mitigate its environmental impact.14

Given the critical inflection point Australia is at with LNG export capacity ramp up and the ‘symbiotic’ relationship this has with domestic energy supply, there are a series of challenges to overcome.

Employment in the oil and gas sector

38,943 in 2013

61,212 in 2018 57.2%


The entire Australian energy sector – including mining, oil and gas, and utilities - now faces a looming set of macro and micro opportunities and challenges. There has already been a marked decline of investment in listed energy entities in recent years.15 Lengthy and uncertain processes for capital project approvals have caused significant delays of capital-related investments.

Australia faces a number of emerging realities, according to the Australian Energy Market Operator (AEMO). Moving to a low carbon future will see increased reliance on gas-powered electricity generation, growth of renewable energy sources, changing consumer behaviour and global carbon trading, plus demand for significant investment to replace ageing assets.16

“Until now, the Australian energy sector has benefited from an abundance of natural resources which has allowed it to prosper more from good fortune than planned success; reliance on such luck cannot continue without some intervention or clearer national direction for the future,” says Gertjan Leideman, Accenture.

The importance of getting LNG right – particularly given its impact right across Australia’s economy - is well understood in the wider business community. In February 2014, the Financial Review Business Leaders Panel (FRBLP) was surveyed and asked to focus on energy issues for Australia and particularly the forecasted future gas boom.

Most respondents indicated the most significant benefits to Australia from a gas boom were: increased taxes and royalties to the public sector; the potential for further capital investment in the Australian energy sector; and the development of Australian expertise in the gas market (rated as “very” and “quite significant” by at least 60 per cent of respondents).

The survey also revealed that many business leaders agreed on the most urgent issues to address. The most highly-rated suggestions were reduction of approval requirements for capital investments, long-term planning by agreeing locations for infrastructure (such as pipeline corridors) and a body outside of government that makes decisions on long-term policy.

Comments by respondents included: “Investment needs to be encouraged to assist the national economy;” “We need a rational policy to see that the benefits of gas production accrue to Australia rather than to other countries or companies;” “There needs to be a clear, strategic plan by federal government that is supported by states;” and lastly, “Requires independent governance outside of politics.”

As LNG ramps-up production, we at Accenture proposed a new, unified approach to planning efforts in the sector – at national, state and even local government levels – to avoid inefficiencies, overlap and a failure to maximise benefits to the economy. A common framework would avoid the confusion and delays from dealing with different state regimes.

There is growing recognition that the Australian energy sector must prepare today for future demands and new energy streams, particularly as LNG projects gather pace. A series of white papers and policy documents17 have been written on these issues in recent years. Many have concluded that longer-term policy arrangements are a pre-requisite to providing a stable investment platform for the industry, regulators and the community.

Responses to the Financial Review Business Leaders survey found concern over increases in the price for gas was the most significant risk for 40 per cent of respondents. Others were a shortage of gas in some states; the presence of local, state and federal regulations for current and future investments; and the environmental impact of processes such as fracking.

Domestic gas pricing for manufacturing as a result of growing LNG production is likely to be a contentious issue in coming years.

Opportunities and core challenges


However, many respondents believe a better energy framework will deliver savings that will help reduce costs and boost energy supplies with considerable benefits across the economy. As one respondent to our survey said: “As long as international contracts don’t restrict local supply, and our prices reflect production costs and profits rather than world rates, it will help manufacturing and the cost of living.”

“Being internationally competitive in this industry will lead to the ability to reach other goals,” another respondent said.

Many believe there is a pressing need for Australia to lift its game across the board, with one respondent saying there was not much benefit likely from LNG “When you consider the weak approach to economic policy development and direction coming from both federal and state governments. All that Australia does is dig it, grow it, frack it and ship it. Australia does not know how to value-add. CSIRO has been undervalued and defunded for years and research and development is no longer valued in this country.”

The development of policy on a state-by-state basis is inefficient and likely to increase in the future, with response to CSG development a pertinent example. As reported in the Australian Financial Review, efforts by companies such as AGL Energy and Santos to develop coal seam gas resources

in NSW have been hampered by changing state government restrictions on drilling.18 Many of these changes are responses to community sentiment around CSG.

Santos CEO David Knox told the Australian Financial Review in 2013 that he needs more confidence in the NSW coal seam gas regulatory framework before he can commit the hundreds of millions of dollars needed to develop the company’s resources in the state.

The growth of LNG is also predicted to have a growing impact on domestic gas supplies. NSW is facing a potential gas supply crisis within three years as its existing contracts with producers in the Cooper Basin and Bass Strait expire, and as gas is sucked northwards to feed LNG export projects in Gladstone that will start production in 2015-16.19

Australia is competing with a range of international LNG producing countries, which are increasingly competitive in a number of areas including costs, complexity of planning and regulation and efficiency of infrastructure. Due to global primary energy demand growth, more LNG production is required. While demand exceeds supply there will be a strong market for LNG, but Australia’s place in this market is not guaranteed unless the LNG market is structured to compete successfully for international investment.

Costs in Australia, including wages, are often cited by resource executives as hampering productivity and competitiveness. Woodside Petroleum CEO Peter Coleman said: “The fact gas producers are delaying what should be clearly economic expansions of LNG plants in Australia and instead mulling investments in riskier countries illustrated the severity of the problem.” “Companies are delaying expansion, yet expansion is the cheapest thing to do. At the moment we can’t afford expansion. That tells you something about our cost structure.”20

Green tape from environmental regulation, as well as red tape, has also proved a barrier to growth, along with poor infrastructure.


Accenture’s perspective is that there are a range of models for successful innovation and efficiency in energy production from other economies, with some already being successfully adopted in Australia.

A number of countries have developed planning frameworks that include both government and non-government organisations. Canada’s Oil Sands Innovation Alliance (COSIA) brings together oil sands producers seeking to improve environmental performance through collaboration and innovation. Member companies have shared 560 distinct technologies and innovations that cost over A$900 million to develop and the numbers are increasing as the alliance matures and expands.21

However, research and development investment in Australia has been largely driven by government with other efforts by industry limited to specific areas such as CSG.22 More collaboration between government and industry in research has proved effective in top-performing energy countries such as Norway and Canada.

Fluctuation in resource production is also being effectively tackled in several countries. In the UK, the Aberdeen model was developed as declining production and falling royalties in the North Sea oil fields motivated government to take ownership of industry collaboration and ensure the resource continues to be extracted profitably.

The UK Government has taken positive steps – introducing tax relief for marginal fields and for decommissioning mature fields – to help the UK continental shelf to remain internationally competitive. This has helped to lift spending in the region from £8.5bn in 2011 to around £13bn in 2013. Given the long-term and substantial investment required by oil and gas exploration companies, providing a stable and predictable fiscal environment and policy framework means it will be the beneficiary of that investment.23

The examples we have shared reveal a range of replicable options for Australia’s emerging LNG sector. Australia’s solid performance as an energy producer in the past can be improved dramatically and sustainably, and, as the responses to the Business Panel reveal, there are major advantages from building a more successful sector for the economy as a whole.

Respondents to our survey take an optimistic perspective about the potential future benefits from the LNG sector with one commenting that “Australia is able to replace its manufactured exports with LNG exports.” Another said “This is an exciting time for Australia in taking a key position in this new global market.” Without timely restructuring,

however, the LNG sector and the economy will fail to profit from these missed chances and may risk critical future growth. “Australia needs to get a whole lot smarter in a hell of a hurry or we are going to be left behind as a nation,” added another respondent.

Despite rapid growth, LNG’s competitive position will be swiftly eroded as other nations accelerate ahead. Given the critical nature and size of the sector, the loss of even a small percentage of these benefits has a large monetary impact.

Lessons we can learn


At Accenture we think there is a clear imperative to take immediate and active steps in a new direction. This point of view is supported by the analysis and research in the business community we have conducted with the Australian Financial Review. Stakeholders in the sector no longer face a question of whether change is needed, but how and when this fundamental transformation must happen.“We need a long-term strategic plan, not a piecemeal approach but who will take responsibility for this? The government? An independent body? If it is the latter, what teeth will they have?” asked one respondent.

Accenture proposes the following series of immediate and longer-term interventions to deliver a more competitive and effective model.

1. Opening the door to investment

Tackling some core barriers identified by industry stakeholders will help bolster Australia’s attractiveness as an investment arena as well as improve productivity. Workforce availability and high costs are obvious deterrents for potential investment. Lack of competitiveness in productivity, opaque and multi-layered government regulation and lengthy planning processes are cited by multinational businesses as problem areas for potential investors.

A number of Australia’s resource CEOs are calling for change. Woodside Petroleum chief executive Peter Coleman says concerns about Australia’s high cost base for LNG means losing investment to other countries. Administrative and direct costs needed to be tackled, whether they were from union wage claims, productivity or inefficient logistics chains. Chevron Australia managing director Roy Krzywosinski has also urged recalibration of government policy to avoid losing up to A$150 billion of investment in LNG.24

Reducing barriers to entry for investors is even more crucial to boost development of greenfield opportunities such as the Cooper Basin which do not have the advantage of existing LNG infrastructure to build upon.

2. Collaborating across the board

Increasing co-operation between government, industry and individual project owners is a key priority to reduce risk and increase efficiency – and boost productivity. Accenture’s analysis indicates that current efforts must be ramped up and more broadly applied to developmental concerns by bringing together the key stakeholders, developing an agenda for collaboration and taking action.

Joint projects around deployment and training will help improve the pipeline of engineers and trades people needed to address growing demand. For example, the

Energy Apprenticeship Group in Western Australia is an industry-driven group training scheme which has over 160 apprentices and trainees hosted at many major oil and gas organisations including Woodside, Chevron, Vermillion Energy and Conoco Phillips.

Overseas, the UK government created PILOT (formerly the Oil and Gas Taskforce) to facilitate partnership between the oil and gas industry and government. It is chaired by the Secretary of State for Energy & Climate Change and around 13 industry representatives (and representatives from other relevant government departments). Over 10 years, successes have included: attracting new players including development of smaller fields; better access to infrastructure; and technology development and investment that exceeded expectations.25 These successes were achieved in an environment of declining production.26

A path forward


3. Developing a national Australian energy body

A comprehensive framework for the sector hinges on a clear goal to build sustainable, long-term economic wealth creation backed by a set of bipartisan policies. Stable, transparent and consistent national policy setting identified by Accenture will bolster business certainty for future investment in infrastructure, new projects and to optimise opportunities both for export as well as for the domestic market.

The creation of a central policy body would be in keeping with the idea that there is a need to help ensure that resources wealth is used wisely and sustainably now and in the future, regardless of the political cycle. Capturing a flow of royalties and dividend income to be used for Australia was mentioned by several

survey respondents as a key benefit of LNG growth. Several called for independent governance outside of the political cycle.

Historically, Australia’s energy system has had a National Electricity Market since 1997, formed with federal/state cooperative arrangements under the Council of Australian Governments (COAG). In 2004, a broader national arrangement was established including a national regulator, the Australian Energy Regulator (AER) which regulates the retail energy markets for ACT, South Australia and Tasmania (electricity only) and NSW.27 But neither of these arrangements are truly national, nor do they encompass all types of energy in Australia.

Accenture recommends establishing an active national body for energy policy, perhaps with the initial assistance of COAG, and modelled on a federal reserve bank. Designed as a centre that is independent of short-term political change, it would provide comprehensive and standardised settings to be used in every part of Australia.

In Canada, the National Energy Board (NEB) was formed in 1959 as an independent federal agency. It’s responsible for regulating the energy industry and, in particular, is focused on oil and gas pipelines and power lines, export and import of natural gas and oil exports. It

takes responsibility for safety and security and environmental protection as well as the creation of efficient energy infrastructure and markets. The NEB’s standards provide a clear framework and certainty for investors over the life of pipeline infrastructure projects.

4. Encouraging greenfield development

There is increasing demand to develop smart, interconnected infrastructure in the sector with extensive upside to come from a more coordinated approach, particularly for greenfield development, according to Accenture’s analysis. These corridors are crucial in a geographically dispersed market such as Australia. Efficient infrastructure allows companies to enter the market, and bolsters capital efficiency while providing essential support for new projects.

A major opportunity currently exists as the initial wave of LNG development has established infrastructure and now provides an opportunity for incremental development. At the same time, there is enormous resource potential to be developed in new areas such as the Cooper and Canning Basins.

Some efforts to coordinate and upgrade infrastructure are emerging. In Western Australia collaboration between government and business has led to the development of a common marine infrastructure at Lumsden Point at Port Hedland, to be called the Pilbara Maritime Common Use Facility. The site is earmarked for use as a slipway, and loading facilities for a number of sectors, particularly the mining industry and is designed to meet the demands of a range of businesses involved in long-term projects in the area.


5. Powering up research and development

The boosting of government support for research development and demonstration will stimulate the building of a portfolio of new energy technologies, particularly for LNG production. In tandem with and applying the work of the central policy body, examples identified by Accenture could include: an energy innovation strategy; government-backed procurement to support new technologies; technology incubators; public research centres; and co-funded research to allow partners to take greater risks or change traditional behaviour and create new business models.28

For example in Norway, in addition to providing tax incentives, the government awards points to operators for research and development and knowledge transfer to local institutions which is taken into consideration during next licensing rounds.

Government incentives, such as Australia’s R&D Tax Incentive, can encourage greater industry investment in innovative technology and is used in high-rating energy economies such as Norway. Research and development drives large innovation programs at companies such as Rio Tinto which is using automated trucks and has allocated A$442 million into researching the use of driverless trains in its operations.29 BHP Billiton has developed an integrated remote operations centre in Perth which allows employees to control and operate its Pilbara mines. More collaboration between industry and government could leverage these kinds of developments for the benefit of more operators in a range of sectors such as LNG.


Australia’s LNG sector is poised to drive a significant resource boom, delivering sustainable energy nationally and to export markets, along with a range of economic advantages such as improved infrastructure, skills and jobs growth. Decisive and comprehensive intervention to streamline and improve the efficiency of LNG production will deliver remarkable opportunities – and a major step forward for the nation.

A stalemate in efforts to restructure the energy sector has resulted in the deferral of new investment. Instead of further time and effort spent on government reviews, the current white paper should be the last and a national, bipartisan policy body instituted to break the cycle and help develop and support a clear path ahead.

Within the sector, producers stand to gain major advantages from developing co-operative models, such as the Canadian Oil Sands Innovation Alliance, to become more innovative, competitive and address cost and supply chain issues. Pooling efforts in these areas will improve standardisation across the sector, boost research, and spread key learnings.

There is no time to waste on another round of discussions and policy debate but plenty to do. Swift implementation is critical. Detached from the political cycle, an independent industry energy policy body is naturally placed to assist in the creation of a domestically sustainable and internationally competitive gas market by building world-leading infrastructure corridors.

Taking firm steps now as outlined in Accenture’s list of proposed interventions around investment, collaboration, a national Australian energy body, greenfield development and R&D, will ensure momentum is maintained and help meet the growing pressure for concrete restructuring from all parts of the energy sector - and well beyond.

A vision for the future


Further informationFor more information on how to develop a sustainable growth strategy for Australian gas, please email: [email protected] or visit our website Accenture.com.au/AustralianIndustryTrends

Report contributorsGertjan Leideman Managing Director – Accenture Strategy, Australia & New Zealand

Jan-Willem Jannink Managing Director – Accenture Resources, Australia & New Zealand

Simon Vardy Senior Manager – Accenture Resources, Australia & New Zealand

About our researchThis research is released in partnership with Accenture Strategy and The Financial Review Group, and is the first in a series of reports examining future trends for key industries in Australia.

The 2014 survey panel comprised 103 business executives from organisations across Australia. Respondents were asked for their feedback on challenges and opportunities in the Australian gas sector and recommendations for how to resolve issues faced by the energy industry.

References1 Tankers on the horizon: Australia’s coming

LNG boom – Economist Intelligence Unit2 APPEA http://www.appea.com.au/media_

release/oil-and-gas-industry-budget-response/ 14 May 2013

3 US Energy Information Administration, country analysis Australia (2013)

4 grattan.edu.au/static/files/assets/ba24a4e0/189_getting_gas_right_ report.pdf

5 www.appea.com.au/oil-gas-explained/operation/australian-lng-projects/

6 theconversation.com/coalition-to-axe-mining-tax-but-petroleum-will-keep-on-giving-17952

7 www.bree.gov.au8 Origin Energy submission to Energy White

Paper Taskforce, February 11 20149 AER’s State of the Energy Market 2013,

December 201310 Resources sector skills needs 2013,

Australian Workforce and Productivity Agency

11 The Global Energy Architecture Performance Index Report 2014




15 ASX Energy & Utilities Sector Profile 201316 AEMO Australia’s Energy Future, 201217 Australian Federal Government – Securing

Australia’s Energy Future 2004

Australian Federal Government – draft white paper – strengthening the foundations for Australia’s Energy Future 2011

2013 Federal Energy White Paper

Western Australia Strategic Energy Initiative (August 2012)

Roadmap for Unconventional Gas projects in South Australia (December 2012)

Gas Market Taskforce Final Report and Recommendations (October 2013)

Discussion paper on 30 year strategy for electricity in Queensland (2013)

18 The Australian Financial Review, July 24, 2013

19 The Australian Financial Review, July 24, 2013

20 The Australian Financial Review, August 24, 2013

21 www.cosia.ca22 www.ogj.com/articles/2013/10/australia-

needs-to-broaden-its-energy-strategy-uq-professor-says.html

23 www.telegraph.co.uk/finance/comment/10294786/We-have-to-innovate-to-keep-North-Sea-oil-and-gas-ahead-of-the-game-or-face-up-to-decline.html

24 The Australian Financial Review, August 19, 2013

25 www.gov.uk/government/policy-advisory-groups/pilot

26 www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/10661421/North-Sea-oil-output-better-than-feared.html

27 www.aer.gov.au/about-us28 Energy transition: Fuelling growth in ASEAN,

Accenture 201329 www.itnews.com.au/News/337313,

rio-tinto-prepares-to-deploy-more-driverless-trucks.aspx

http://www.abc.net.au/news/2013-07-02/bhp-opens-new-automated-centre-for-pilbara-mines/4794838

About AccentureAccenture is a global management consulting, technology services and outsourcing company, with approximately 289,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$28.6 billion for the fiscal year ended Aug. 31, 2013. Its home page is www.accenture.com.au

Disclaimer: This document makes descriptive reference to trademarks that may be owned by others. The use of such trademarks herein is not an assertion of ownership of such trademarks by Accenture and is not intended to represent or imply the existence of an association between Accenture and the lawful owners of such trademarks.

14-2451

Copyright © 2014 Accenture All rights reserved.

Accenture, its logo, and High Performance Delivered are trademarks of Accenture.

Energy critical/media/accenture/... · In 2011, Australia was the world’s second largest coal...

Documents

Transcript of Energy critical/media/accenture/... · In 2011, Australia was the world’s second largest coal...