Australian oil firms need to emphasise converting gas to liquid research

Australia's major gas and oil players had to place more emphasis on research converting gas to liquid if Australia was to maintain its competitiveness in the industry, former Woodside Petroleum CEO John Akehurst said.
Mr Akehurst, who left Woodside six weeks ago after more than six years as its CEO, told a Melbourne Mining Club briefing that Australia needed more gas to liquid processing plants as replacement for oil reserves.

Mr Akehurst said Australia's oil reserves and production would fall drastically over the rest of the decade. Increased imports would have an impact on the balance of payments, jobs and security of the country's energy oil supply, he said.
"We need to incentivise oil explorers and developers and increase the use of gas as a substitute fuel." Another means was by increased gas to liquid research which could lead to an alternative source of transportation fuels. "It has to be industry players rather than the governments (who lead the push for research in area)," he told. "The government has been very supportive and encouraging."

Mr Akehurst said he would be taking six months off before making a decision on his next move, but indicated he was willing to move from his home in Perth and was likely to return to a corporate position. "I still feel there's mileage in me as an executive," he said.
Mr Akehurst told that the attempted takeover of Woodside by Shell was the most challenging period during his time as CEO, and warned his successor that Shell was likely to try again. "Australia is clearly a key focus. The commercial incentives for joining Shell with Woodside are very clear and they haven't gone away," he said.