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Publication Name: PESA Webinar Series
Authors: Martin Wilkes (Risc)
Date Published: September 2025
Abstract:
Geopolitical uncertainty continued in 2024 with continuation of the war in Ukraine, Israeli actions in the Gaza strip, tension between China and several neighbouring countries, and the impending election in the United States of America. Despite this, global inflationary pressures continued to fall during the year, although they remained higher than pre-pandemic levels. In Australia, activism around climate change issues continued to impact project developments and sentiment in the industry remained somewhat subdued. The PESA 2024 Development and Production Review looks back at the oil and gas development and production activities in Australia in 2024 and tries to provide some sense of what happened, and what that means for the industry looking forward. Liquefied natural gas (LNG) production in Australia recorded (unexpectedly) a new record high, although several projects are now facing declining production. Santos won a significant court case in January 2024 on the Barossa project, enabling it to resume construction activity on the main export pipeline to Darwin, which had been suspended for approximately 2 months. The east coast domestic market continued to have major concerns about gas supply and one of the three gas plants at Longford was shutdown reducing supply and processing capacity significantly. Gas supply remains a critical issue in the Northern Territory.