
TY  - JOUR
A1  - Bray, M. 
T1  - BUSINESS REPORTING AND COMMUNICATIONS&#x2014;A KEY CAPITAL MANAGEMENT TOOL FOR THE AUSTRALIAN PETROLEUM INDUSTRY
JF  - The APPEA Journal
JO  - The APPEA Journal
Y1  - 2006
VL  - 46
IS  - 1
SP  - 481
EP  - 496
KW  - 
UR  - https://doi.org/10.1071/AJ05029 
N2  - In their most recent world investment outlook, the International Energy Agency (IEA) forecast a global petroleum investment requirement of US$6 trillion through to 2030.The annual average requirement is very high relative to capital raising levels in the sector. The IEA, however, predicts that the investment gap should be able to be financed.It goes on to suggest in particular that the future success of the Australian petroleum sector will not be necessarily constrained by access to sufficient capital, rather, the key impediment will be the availability of attractive and viable investment propositions.Organisations that are able to mount such a proposition will be doing so in the face of present reporting limitations, technological change, cross-sector capital competition, global energy market changes, constraints of capital markets and short-term perspectives, impacts of regulation, threats on security of licences to operate and the importance of corporate reputations in areas like sustainability and social performance.A new model of business performance reporting and communications is required for the petroleum sector and businesses to meet these challenges. Definitions of business reporting and communications are set out in Box 1.Critical areas in a new model are:stimulating improved stakeholder understanding of business models;synchronising stakeholder decision-making models with business performance reports; and,precision in stakeholder decision-making processes based upon insights about performance drivers and risks and the performance outlook.This paper explains why fit-for-purpose business reporting and communications are critical success factors&#x2014;not only in attracting the financing to meet the 25-year investment requirement, but, more importantly, in helping Australian petroleum businesses to differentiate their performance from others. 
ER  -

