16 July 2014, News Wires – The Australian oil and gas exploration is set to surge over the next financial year, according to a market research company.
Business information analysts IBISWorld released a report on which industries were set to soar and which were set to sink over the next financial year.
Demand for gas is set to drive up exploration over the next five years.
Petroleum exploration revenue in the past year was $4.2 million, while that is expected to jump 8.2% to $4.64 million in the current financial year.
“As environmental concerns intensify and the world’s emerging economies remain hungry for energy, demand for gas is growing,” IBISWorld general manager Daniel Ruthven said.
“The industry is pursuing increasingly challenging strategies, including deep-water exploration.”
The Australian oil and gas extraction industry employs about 26,493 people, according to IBIS.