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
22 July 2025
The gas-hungry sector is set for rapid growth, and oil majors and some of the world’s largest LNG firms are investing in ammonia production and export facilities, though much depends on regulatory support
22 July 2025
Next year’s WPC Energy Congress taking place in April in Riyadh, Saudi Arabia will continue to promote the role of women in the energy sector, with a number of events focusing on the issue.
22 July 2025
Pedro Miras is the serving President of WPC Energy for the current cycle which will culminate with the 25th WPC Energy Congress in Riyadh, Saudi Arabia in April 2026. He has over 30 years of experience in the energy sector, including stints with Repsol and the IEA. Here he talks to Petroleum Economist about the challenges and opportunities the global energy sector currently faces.
17 July 2025
US downstream sector in key state feels the pain of high costs, an environmental squeeze and the effects of broader market trends