{"id":379904,"date":"2010-03-02T02:33:00","date_gmt":"2010-03-02T07:33:00","guid":{"rendered":"tag:blogger.com,1999:blog-9864176.post-4758292628065715449"},"modified":"2010-03-02T02:48:46","modified_gmt":"2010-03-02T07:48:46","slug":"australias-oil-reserves-dwindling","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/379904","title":{"rendered":"Australia’s oil reserves ‘dwindling’"},"content":{"rendered":"

The SMH has a report on Australia’s increasing dependence on imported oil, following the release of a report into Australia’s energy resources by Geoscience Australia and ABARE (the Australian Energy Resource Assessment<\/a>) – Australia’s oil reserves ‘dwindling’<\/a>.<\/p>\n

Australia’s oil reserves are dwindling and the nation is becoming increasingly reliant on imports for transport fuels, a new report shows.<\/p>\n

The Australian Energy Resource Assessment (AERA) report has been released by Resources Minister Martin Ferguson.<\/p>\n

The peak industry body for oil and gas producers says the report into Australia’s energy resources has debunked the myth the nation won’t have enough energy resources into the future.<\/p>\n

But the Australian Petroleum Production & Exploration Association (APPEA) says the report also shows the nation will need to import more oil to run its transport network.<\/p>\n

That reliance is likely to increase unless there are new significant discoveries of crude oil or alternatives are made using the development of condensate resources using the offshore gas reserves.<\/p>\n

APPEA chief executive Belinda Robinson said in general the report painted a bright picture for the future of the energy industry, citing over $200 million in projects on the drawing board.<\/p><\/blockquote>\n

BusinessWeek reports that in the short term, production of both oil and natural gas<\/a> is on the rise – Australian Oil, LNG Production to Increase Next Year<\/a>.<\/p>\n

Australian oil output may rise 6 percent next fiscal year and liquefied natural gas exports may climb 4 percent, boosted by new projects led by BHP Billiton Ltd. and Woodside Petroleum Ltd., a government forecaster said.<\/p>\n

Oil production is expected to jump to 29.5 billion liters, or about 508,000 barrels a day, in the year ending June 30, 2011, on projected increases from BHP\u2019s Pyrenees project and Apache Corp.\u2019s Van Gogh development, the Australian Bureau of Agricultural and Resource Economics said in a report today. LNG exports may rise to 18 million metric tons, buoyed by Perth- based Woodside\u2019s Pluto venture in Western Australia, it said.<\/p>\n

Australia\u2019s total energy exports may increase 20 percent to A$66 billion next fiscal year as a global economic recovery drives oil prices higher, the report said. The average price for the West Texas Intermediate benchmark will gain 25 percent to $77 a barrel in 2010, the Canberra-based bureau forecasts.<\/p>\n

\u201cEnergy demand is closely linked with economic growth, and in 2010-2011 we are expecting things to rebound,\u201d Alan Copeland, an analyst at ABARE, said by phone today. \u201cWhen you talk about exports, the numbers paint a fairly positive story.\u201d<\/p>\n

Oil production is set to gain 4 percent in 2011-2012, then gradually fall to 25 billion liters three years later, it said. LNG exports may rise at an average annual rate of 9 percent over the following four years and could \u201cincrease significantly\u201d after 2014-2015 with first production at Chevron Corp.\u2019s A$43 billion Gorgon venture, ABARE said. Coal-seam gas-to-LNG projects in Queensland state also could add to Australian exports, according to the bureau.<\/p><\/blockquote>\n