ENB Cost Report 2023

Capital expenditure is rising for traditional fossil fuel and new energy projects. 

How much capital does your company plan to allocate to new energy investments?

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Has inflation had impact on planned spend over the past few months?

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Overall, how much have you seen costs rise over the past 12 months?

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ENB’s Cost Report 2023 offers findings from energy industry professionals about capital investment plans, workforce needs, as well as technology trends. Crucially, the fourth edition of the ENB Cost Report delivers a noteworthy set of findings from a wide range of industry participants across energy production, exploration, consulting, as well as engineering, government, professional and support services.

The authoritative nature of the data is reinforced by the strong participation of key decision makers within organisations. Significantly, most of the respondents are in roles at management level or above.

The report found that capital expenditure is set to expand across the board with survey respondents positive on new projects being sanctioned in traditional oil and gas, as well as new energy sectors.

Data from the survey also suggests significant investment will be required for Australia to develop a skilled workforce to build an envisioned decarbonised future.

Survey results also suggest hope for new technology to help power the energy industry ahead. Legacy technologies, as well as new innovations, will be crucial to both the traditional and new energy futures.

Recent improvements in technology for the energy industry include advancements in robotics, AI, big data, and cloud computing. However, survey participants were not optimistic that the use of technology would deliver big cost savings for their businesses over the next 12 months.

On a brighter note, survey participants identified carbon capture as a key new energy investment technology to watch.

Energy News Bulletin Subscribers can read the full 2023 Cost Report online.

If you’d like to subscribe, click here or contact the team at subscriptions@energynewsbulletin.net or on +61 8 6263 9100.

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