Ferguson tells Australia to innovate or lose Asian gas marke
At the Innovation in Energy CEO Forum, Resources Energy and Tourism Minister Martin Ferguson has responded to global shift in the Asian gas market that could sideline Australia.
As reported here previously, high costs for exploration and extraction of gas have caused companies including BHP to move investment from Australia to US. This would see the glut of cheap shale gas stockpiled in the US shipped across the Pacific to Asia and Australian projects left to stagnate.
Ferguson recognizes these trends and has implored industry leaders to essentially innovate or die. He told them that the benefits of the coming Asian Century would slip through their grasps if they were not able to compete economically with other gas exporters, by innovating technologically or finding ways to lower operating costs.