Central & SE Asia / Australasia

Australia flag
Summary | Profile

Country profile: Australia

Location: Oceania, continent between the Indian Ocean and the South Pacific Ocean
Climate: generally arid to semiarid; temperate in south and east; tropical in north
Terrain: mostly low plateau with deserts; fertile plain in southeast
Size: 7686850 sq. km total (Land area: 7617930 sq. km  Water area: 68920 sq.km)
Population: 20,600,856 (July 2008 est.)
Languages: English 79.1%, Chinese 2.1%, Italian 1.9%, other 11.1%, unspecified 5.8% (2001 Census)
Government: federal parliamentary democracy
Capital city: Canberra
Legal system: based on English common law; accepts compulsory ICJ jurisdiction, with reservations
Currency: Australian dollar (AUD)
Licensing:

Country profile

Australia has exhibited robust economic growth over the last decade, in spite of a strong Australian dollar that has depressed exports. However, in 2006, severe drought, increasing inflation, and high oil prices all contributed to a deceleration of economic growth. The country achieved a 2.5 percent increase in real gross domestic product (GDP) in 2006, down from a 2.7 percent GDP growth rate in 2005. Australia is rich in natural resources with significant petroleum, natural gas and coal reserves. Australia’s energy consumption is dominated by coal, which fuels most of the country’s power generation. Petroleum accounts for a large share of energy consumption, but due to declining output, Australia is facing a growing dependence on petroleum imports.

Over the past two decades, Australia has steadily consumed increasing amounts of natural gas, which is likely to continue over the medium term. Australia is one of the few countries belonging to the Organization for Economic Cooperation and Development (OECD) that is a significant net energy exporter. Australia is the world’s largest coal exporter and is the fifth largest exporter of liquefied natural gas (LNG). Australia’s prospects for expanding energy exports in the future are promising as Asian demand for both coal and LNG rises. However, Australia can expect increasing export competition from China (coal) and Indonesia (coal and LNG).

Energy production and consumption


Oil Gas
Production: 572,400 bbl/day (2005 est.) 38 billion cu m (2005 est.)
Consumption: 903,200 bbl/day (2005 est.) 25 billion cu m (2005 est.)
Exports: 333,200 bbl/day (2004) 12 billion cu m (2005 est.)
Imports: 611,400 bbl/day (2004)  
Reserves: 1 bbl (2006 est.) 750 billion cu m (1 January 2006 est.)
Major fields:



Australia - recent news

26 Mar 24
Australia: Falcon Oil & Gas announces Shenandoah South-1H well IP60 day flow rates of 3.0 MMcf/d (normalised to 6.0 MMcf/d)
Falcon Oil & Gas has announced that the Shenandoah South 1H (SS-1H) well in EP117 achieved above commercial IP60 flow rate of 3.0 MMcf/d (normalised to 6.0 MMcf/d over 1,000 metres). This augurs well for the initial development in the Shenandoah South area as these rates continue to track average flow rates seen in the Marcellus Shale basin in the US.
26 Mar 24
Australia: Woodside completes sale of 10% Scarborough interest
Woodside has completed the sale of a 10% non-operating participating interest in the Scarborough Joint Venture to LJ Scarborough Pty Ltd (LNG Japan). The sale proceeds received by Woodside of US$910 million for equity in the Scarborough Joint Venture comprises the purchase price, reimbursed expenditure and escalation.
25 Mar 24
Australia: Falcon optimises its interest in the Beetaloo
Falcon Oil & Gas has announced thatit has elected to reduce its working interest in the proposed Shenandoah South Pilot Project from 22.5% to 5%.
07 Mar 24
Australia: Federal Court allows appeal against native title ‘future act’ decision for Narrabri Gas Project
Santos notes the decision by the Full Federal Court to allow the appeal against the native title ‘future act’ decision for the Narrabri Gas Project, which could supply up to 50 per cent of New South Wales’ natural gas needs.
04 Mar 24
Australia: Mosman Oil and Gas provides helium and hydrogen exploration update at EP 145
Mosman Oil and Gas, the hydrocarbon, helium and hydrogen exploration, development, and production company, has provided a project update on its Australian project EP 145. Mosman has published a Prospective Resources estimate of 440 total gas including 26 bcf of helium and 26 bcf hydrogen.

Australia - more news

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