The Australian resources sector is moving into a new era, with the future of the industry marked by major emerging opportunities in the petroleum industry. A growing focus on the global resources market reveals key project and investment opportunities in the oil and gas sector with particular emphasis on unconventional gas and LNG. Companies seeking to capitalise on this new environment must learn to operate in an increasingly regulated international market.

The energy and resources sector has moved to centre stage with regard to Australia's economy and competitiveness on an international stage. Australia's upstream oil and gas industry has entered a period of unprecedented growth and transformation, with almost $200 billion currently being invested in oil and gas projects including seven major LNG projects.

Based solely on projects currently committed or under construction, the industry will bolster Australia's economy, contributing approximately A$28 billion or 2.5 per cent per year to the GDP and billions of dollars in taxation revenue.

With a stable political, legal and economic environment, a highly skilled workforce and a welcoming attitude to foreign investment, Australia is a favoured destination for foreign investors.

Major developments in the petroleum industry in Australia have taken the spotlight in recent years, provoking great interest from foreign investors. Over the next few years, Australia is set to become one of the world's largest exporters of LNG.

This publication provides background information in relation to the Australian oil and gas industry and explores key legal considerations for investing in or developing an oil and gas project in Australia.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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