Central & SE Asia / Australasia

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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)

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

16 Jan 20
Australia: Vintage Energy's Nangwarry-1 gas discovery has high CO2 content
Vintage Energy has been advised by the operator of the Otway Basin Joint Venture, Otway Energy, that laboratory-based analyses have indicated high CO2 content in two samples from the Nangwarry-1 gas discovery. Options for CO2 production and sale are to be investigated.
16 Jan 20
Australia: Vintage Energy announces gas discovery at the Vali-1 ST1 well in ATP 2021 in the Cooper Basin
Vintage Energy, as operator of the ATP 2021 Joint Venture with Metgasco and Bridgeport, has advised that Vali-1 ST1, the first well for Vintage as operator, has discovered gas in the primary Patchawarra Formation target. The well is currently being cased and suspended for potential stimulation, flow testing and future production.
15 Jan 20
Australia: Vintage Energy announces new field gas discovery at Nangwarry-1
The operator of the Otway Basin Joint Venture, Otway Energy, has advised that the drilling of the Nangwarry-1 well has resulted in a new field gas discovery, with the well currently being cased for further evaluation and testing.
14 Jan 20
Australia: Metgasco reports gas at the Vali-1 ST1 well in ATP 2021 in the Cooper Basin
Metgasco reports that the Vali-1 ST1 well in ATP 2021 in the Cooper Basin has reached a TD of 3,217m MD and that wireline logs indicate gas saturation in multiple sands in the primary Patchawarra Formation target.
13 Jan 20
Australia: Falcon Oil & Gas provides update on Kyalla 117 N2-1H horizontal well in the Beetaloo Basin
Falcon Oil & Gas has provided an operational update on the drilling of the Kyalla 117 N2-1H horizontal well in the Beetaloo Sub-Basin, Australia. The vertical section of the well was completed in late November 2019, followed by drilling of the horizontal production hole section in early December.

Australia - more news

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