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A study commissioned by the Australian Petroleum Production & Exploration

A A Association (APPEA) prognosticates that Australia is on track to become the

Eyebrow Eyebrow Australasia second largest exporter of LNG in the world, after Qatar. Currently ranked fourth worldwide for LNG exports, also trailing Indonesia and Malaysia, it is a promising counter balance to Australia’s crude oil production, which has been steadily declining over the past decade, now under half of an approximate one million barrels per day domestic requirement.

Australia has widespread petroleum assets both on- and offshore, possessing close to 4 billion barrels of proven oil reserves, typically low in sulfur and wax and therefore of higher value than heavier crudes. The reserves are largely located off the coasts of Western Australia, Victoria and Northern Territory. Western

Australia has around two-thirds of Australia’s proven crude oil reserves, as well as three-quarters of condensate, and around half of its

Natural gas Natural gas

LPG.

The two major producing basins are the Carnarvon Basin off the lifts Australian lifts Australian northwest coast, accounting for about 70% of total liquids production, mostly exported, and reservesreserves the offshore Gippsland Basin in the southeast, who’s output primarily is

As Australia grapples with chronic oil As Australia grapples with chronic oil used in domestic re? ning.

Extensive offshore exploration production decline in the face of rising production decline in the face of rising continues to make discoveries imports, the buoyant gas sector offers the imports, the buoyant gas sector offers the with production achieved using prospect of rising revenue from LNG export. prospect of rising revenue from LNG export. innovative technologies, often involving ? oating production

John Mueller John Mueller reports.

vessels and subsea wellheads and pipelines, and led by Woodside

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