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Australia's oil resources

Australia's petroleum resources are mainly condensed and naturally occurring liquefied petroleum gas (LPG), which are mostly concentrated in large offshore gas fields. Australia also has multiple crude oil reserves.

In addition to the potential for new reserves in existing oil fields, Australia also has huge growth prospects in the search for new oil resources in exploration basins and boundary basins to be explored.

Australia also contains a large number of unconventional oil resources in oil shale. These resources, as well as the recently confirmed shale liquid petroleum gas and light oil reserves, will likely increase future oil supply. It is estimated that the identified shale oil resources contained in immature oil shale deposits amount to 131,659 PJ (22,391 million barrels).

Australia- A reliable place for long-term investment

In 2014, Gippsland Basin Joint Venture, jointly created by Esso Petroleum and BHP Billiton, celebrated the 50th anniversary of oil and gas exploration and production. North West Shelf Venture, operated by Woodsay, also celebrated the 25th anniversary of the export of LNG to the Asia-Pacific region.

liquified natural gas(LNG

几年后,预计澳大利亚将超过卡塔尔成为全球最大的液化天然气出口国。到2020年,澳大利亚的额定综合产能约为每年8,600万吨(百万吨/年),液化天然气年出口量预计将从2013-14年的2,320万吨增加到2019-20年的7,660万吨。

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Australian LNG production capacity

The large gas fields located in the Carnarvon, Bonaparte and Browse Basins and the abundant coalbed methane reserves in the onshore basins of eastern Australia have played a strong support role in the growing LNG field, and several of these projects will become important milestone projects in this field.

The first LNG production line of the Queensland Curtis Liquefied Natural Gas Project (QCLNG) was put into operation at the end of 2014, becoming the world's first coalbed methane LNG export and the first LNG project on the east coast of Australia. Three new projects including Australia Pacific LNG, Gladstone and Gorgon are scheduled to be put into production in 2015-16, and the construction of the Wheatstone, Ichthys and Prelude projects offshore Western Australia is also progressing smoothly.

Australia is a trusted producer of LNG, providing investors with a stable regulatory environment, and it is also adjacent to the booming Asian LNG market. In comparison, natural gas is a clean fuel with a wide range of uses. In the next two decades, this fuel is expected to become the fastest growing non-renewable energy source.

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(Angel Natural Gas Platform, Northwest Shelf Project, Western Australia

Picture courtesy of Woodside Energy Ltd.)

It is expected that Asia’s demand for LNG will continue to grow, and Australia’s geographic location determines its unique advantage as an energy supplier in these markets. Japan is the world's largest importer of LNG, and Australia exports about 80% of its LNG to Japan. China is expected to become the main driving force for the demand for LNG in the future, and it will also develop into one of Australia's LNG export markets.9In the next few decades, Australia's existing reserves can fully meet the expected growth of export demand and domestic demand.

Article reprinted from Austrade Australian Trade Commission

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