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Confronting the Productivity Challenge in the High Cost Economy: Evidence from the Australian Oil and Gas Industry

Confronting the Productivity Challenge in the High Cost Economy: Evidence from the Australian Oil and Gas Industry
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Author(s): Jerad A. Ford (University of Queensland, Australia), John Steen (University of Queensland, Australia), Martie-Louise Verreynne (University of Queensland, Australia), Bradley Farrell (Ernst & Young, Australia), Gerald Marion (Ernst & Young, Australia) and Seelan Naicker (4Sight Group Pty Ltd, Australia)
Copyright: 2014
Pages: 19
Source title: Global Perspectives on Achieving Success in High and Low Cost Operating Environments
Source Author(s)/Editor(s): Göran Roos (Swinburne University, Australia) and Narelle Kennedy (The Kennedy Company Pty Ltd., Australia)
DOI: 10.4018/978-1-4666-5828-8.ch006

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Abstract

This chapter reports research findings into the productivity challenge facing the Australian oil and gas industry. This industry has been experiencing cost overruns indicating a productivity decline that puts future projects and investment at risk. Using world-class survey methodologies developed by the Centre for Business Research at Cambridge University and adapted for the oil and gas industry, an evidence-based view on business decisions and conditions is provided and linked to performance. While many of the productivity challenges facing the Australian oil and gas industry are beyond immediate managerial control, this research shows that key productivity drivers are in the realm of the firm to influence. The research reported in this chapter shows that improvements in innovation, collaboration, and deeper competitive capabilities are the best levers to lift business productivity and to build a growth pathway for the future for this industry.

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