Investment in Australia's oil and gas industry is at risk amid increasing regulation, declining exploration, faltering public trust and growing competition from the US, Qatar and Russia, industry executives warned Monday. Australia is approaching a tipping point, cautioned Bruce Lake, chairman of the Australia Petroleum Production and Exploration Association (APPEA). He told delegates at the industry group's conference in Perth that "accumulated policy failures are weighing us down." "Policies which add unnecessarily to costs, restrict access to resources and create sovereign risk are eroding Australia's key competitive advantage - a stable operating environment," he said.
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