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Tuesday, 25 July 2017

Australian Commodity Powerhouse Faces Post LNG Investment Slump - Bloomberg

Australian Commodity Powerhouse Faces Post LNG Investment Slump - Bloomberg:

"The startup of Chevron Corp.’s mammoth $54 billion Gorgon gas export plant last year has left Western Australia grappling with a slowdown as a decade-long investment bonanza subsides. The value of projects in Western Australia, home to the nation’s largest conventional gas reserves, has slumped to its lowest since the financial crisis in 2008, according to consultant Deloitte Access Economics. Projects being built in the state were worth A$64.7 billion ($51.3 billion) at the end of June 2017, a 46 percent decline from a year earlier. The completion of Gorgon, the largest resource development in Australia’s history, has “weighed heavily” on investment with engineering construction now accounting for less than 10 percent of the state’s economic value compared with more than 20 percent during the peak of the mining boom in 2012. Chevron’s Gorgon project off northwest Australia employed more than 10,000 people at its peak, project director Jeff Brubaker said last year."



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