Australia’s export-oriented companies have benefitted from the rebound in prices
Australian developers scale up investments
High prices bolster Australian upstream developments
Australia’s largest upstream companies—Woodside, Santos, Oil Search and Beach Energy—have been buoyed by this year’s surge in oil and gas prices, encouraging a major ramp-up in planned investments. Investment bank Jarden predicted in June that the four firms would more than double their annual spend on new projects, rising from an average of $2.9bn over the last five years to $6bn between now and 2026. The four remain committed to new production projects. That growth will also be accompanied by consolidation, as Woodside and Santos prepare to wrap up their mergers with Australian conglomerate BHP’s petroleum division and Oil Search respectively within the next six months. Woodside Woodside h
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
