The value added of oil and gas extraction in Australia has experienced considerable volatility over the past decade. After peaking at $29.82 billion AUD in 2013, it saw a decline over the next few years, reaching a low of $24.27 billion AUD in 2015. From 2017, a significant upward trend began, culminating in another peak of $58.09 billion AUD in 2018. However, this trend was interrupted by decreases in 2019 and a sharp drop in 2020. A recovery followed, with the value standing at $58.68 billion AUD in 2023. The year-on-year growth from 2021 to 2023 was positive, and the average annual growth rate (CAGR) over the past five years was 0.2%.
Future trends to watch for include a steady forecasted growth rate averaging 1.49% CAGR from 2024 to 2028, culminating in an anticipated value of $64.46 billion AUD by 2028. The industry is expected to stabilize moving forward, reflecting incremental but consistent growth. Key trends to monitor include global energy demand, geopolitical factors affecting oil prices, advancements in extraction technology, and Australia's shifts towards renewable energy.
