With the LNG industry previously being predicated on $100/bbl, businesses need to prepare for the current environment where a barrel of oil is worth half of that, Cann told a Surat Basin Enterprise event at Wellcamp airport.

"You've got to get fit for $US50 dollars," Cann said.

"You've got to rethink this industry, you have to become the Ikea of the oil and gas industry - super cheap, snap together, dead simple, we make the bulk of the stuff at some place really cheap, and we bring it into the home and we snap it together with simple tools.

"We've got to make our businesses, in Australia, liveable, fit for 50 bucks. If we can run at 50, we run at 50."

To do this, Cann said protecting their current revenue, reducing costs through innovation and investment in new techniques and capabilities, freeing up underused assets, managing their expectations and upgrading selectively were key.

He added that Queensland was in an enviable position despite concern about the current state of the oil and gas industry and certainty over more tough times ahead.

"What we are going through right now is a historic shift in how oil is produced on the planet - a shift from this big monstrous 100,000 barrel per day single well projects, to thousands and thousands of wells," Cann said.

"Now look around, Queensland - this is the land of small producing wells, CSG. The people on the planet who know how to do this better than anybody else are going to be people living in Queensland - because that's where coal seam gas wells are.

"So this state, might not believe it right now - it doesn't feel like it, but this state is going to be at ground zero of what's going to be the next generation industry on the planet, which is the production of lost and lots of small producing wells, in this instance coal seam gas."

TSBE CEO Shane Charles said there were still a number of business struggling within the oil and gas sector and related industries.

"However, there is reprieve in sight if businesses are smart about their choices moving forward, this means making some tough decisions and looking at your costs," he said.

"At the end of the day, while there are definitely some difficult times ahead, we have to remember that it is not all just doom and gloom, and there are still opportunities."