The output of oil and gas extraction in Australia saw fluctuations from 2013 to 2023. The industry experienced significant growth periods, notably between 2017 and 2018 with a 40.34% increase, followed by a 23.23% rise in 2021. However, there were also declines, such as the -27.13% drop in 2020. By 2023, the output stood at 84.07 billion Australian dollars, marking a 9.44% increase from the previous year. The 5-year compound annual growth rate (CAGR) leading up to 2023 was relatively modest at 2.41%. Looking ahead, forecasted data predicts a steady growth trend, projecting a 12.65% increase over the next five years up to 2028.
Future trends to watch for include:
- Technological advancements impacting extraction efficiency.
- Shifts in global oil and gas prices influencing output levels.
- Regulatory and environmental policy changes in Australia and worldwide.
