The Australian government’s commodity forecaster Bree on 28 May said upstream oil and gas accounts for 86pc of the A$229bn($214bn)invested in resource projects currently under development. Most of this investment is being spent on the construction of seven LNG projects.Bree identified A$197bn of committed investment on 14 LNG,oil and gas projects.No new LNG,oil or gas projects were approved or completed in the six months to April,although the cost of the Chevron-operated 15.6mn t/ yr Gorgon LNG project offshore Western Australia increased by A$2bn to$54bn.
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