What does Australia mean for the Majors?

The strategic challenges the Majors face in Australia represent a microcosm of the dilemmas they face across the globe. Australia is key for most of the Majors, and has been defined by vast capital spend on mega projects. Over US$150 billion went in to developing big offshore gas fields and new LNG infrastructure in Australia over the last decade. But the world has since changed. The market outlook is uncertain, the energy transition is accelerating, investor pressure is mounting. The entire peer group is embarking on strategic re-invention, some more radical than others. The Majors are carefully curating upstream portfolios to help them survive and thrive in a brave new world. We take a look at if - and how - Australian assets can deserve a place.