The United States' natural gas industry is thriving, despite the most recent explosion fumble which risk management experts considered as nonthreatening. On the other side of the world, things are quite different.

Australian oil and natural gas companies are at risk of declining if current policies on the industry remain unedited, according to a supporter of the industry. He said that billions of dollars' worth of new liquefied natural gas investments and endeavors may be put to waste if policies were not reformed.

David Byers, Australian Petroleum Production and Exploration Association's chief, highlighted several key issues that he believed needs to be addressed. One of which were the country's high taxes. He also mentioned issues in productivity and red tape.

"Regulatory processes for approving projects are becoming increasingly inefficient. And there are serious weaknesses in the development of a skilled workforce and support industries' supply capacity," Byers said.

Australia has US$200 billion worth of natural gas projects currently being implemented. Another US$100 billion, analysts said, were expected to be invested in the industry.