The Oil and Gas Extraction Value Added in Australia has experienced significant fluctuations over the past decade. In 2023, the value stood at 53.32 billion AUD, marking an 8.22% decrease from the previous year. Notably, from 2013 to 2023, there have been several peaks and troughs, with dramatic increases in 2018 and 2022 showing 37.25% and 58.29% growth rates respectively. The last five years have averaged a 10.23% annual growth rate (CAGR).
Looking ahead, the forecast indicates a steady growth trend. By 2028, the value is projected to reach 66.88 billion AUD, representing a 3.58% average annual growth rate over the next five years and a total forecasted growth rate of 19.24%. This suggests a moderate but consistent expansion in the sector.
Future trends to watch for include potential impacts from global oil prices, technological advancements in extraction methods, regulatory changes, and shifts towards renewable energy sources. These factors could significantly influence the trajectory of Australia's oil and gas industry value added in the coming years.
