Wood Mackenzie expects resource sector investment in Australia to peak in 2013 at A$85 billion ($82.6 billion), dominated by spending in gas, followed by iron ore and coal, and to remain at high levels for the next three years, according to research released by the company last week.
"On the upstream side, the unprecedented level of investment over the last few years is set to continue, reaching A$48 billion in 2013 and peaking at A$50 billion in 2014," said Chris Graham, Wood Mackenzie's head of Australasia upstream research. "Gas expenditure will be around 50% of the total through these two years."
Investments in iron ore in 2013 will account for slightly more than 25% of the total, reaching a record A$22 billion. Coal will attract 10% of total spending this year.
Australia is currently enjoying a $180 billion LNG investment boom, with seven major projects currently under construction around the country. The new plants are expected to raise Australia's LNG capacity from around 24 million mt/year to more than 80 million mt/year by 2017, potentially making it the world's biggest producer, ahead of current leader Qatar.