AlwaysFree: Australia’s Oil & Gas Capex Falls To 12-Year Low

Data from Australia’s Bureau of Statistics (ABS) showed that capital expenditure (capex) in the country’s oil and gas industry fell to AUD7.55 billion ($5.47 billion) in the fiscal year ended June 30, 2021. That represents a fall of 21% from AUD9.56 in the previous fiscal year and marks the lowest spending since AUD7.35 billion in the fiscal year of 2008-2009 during the global financial crisis. The significant drop last year was mostly attributed to the collapse in global oil and gas demand due to the COVID-19 pandemic. However, upstream spending has shown signs of recovering in the April-June quarter, rising 28.6% from the prior quarter to AUD2.17 billion ($1.57 billion).