Australian oil and gas producers see losses widen

Operating revenues of Australian oil and gas producers fell by more than 20% during 2015/16, compared with the previous financial year, as falling commodity prices struck the bottom line. In a new industry financial survey, the Australian Petroleum Production and Exploration Association (Appea) notes that oil and gas operating revenues reached A$23.7-billion in 2015/16, compared with A$30-billion in the previous year, while the industry reported a net operating loss of A$4.5-billion for the same period, compared with a loss of A$600-million in 2014/15.