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)
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

22 Oct 20
Australia: Central Petroleum announces new gas sales agreement and financial facility extension
Central Petroleum has signed agreements for the sale of 3.5PJ of gas and a 12-month extension to its existing finance facility with Macquarie Bank. Funding from the gas supply agreement will be used for the recompletion of four existing wells and drilling two new crestal production wells at the Mereenie Field in 2021.
21 Oct 20
Australia: Moomba carbon capture and storage injection trial successful
Santos has successfully injected approx. 100 tonnes of carbon dioxide deep underground into depleted gas reservoirs as part of the final field trial for the Moomba Carbon Capture and Storage (CCS) Project.
20 Oct 20
Australia: AIE announces new partnership arrangement with Squadron Energy to accelerate Port Kembla Gas Terminal development
Squadron Energy has become 100 per cent owner and operator of Australian Industrial Energy Pty Ltd (AIE) under a new partnership arrangement to accelerate the development of the Port Kembla Gas Terminal project.
18 Oct 20
Australia: New PGS data package for 2020 Australian offshore petroleum exploration acreage
The recent Australian acreage release focuses heavily on the northwest shelf. PGS seismic data and studies provide excellent coverage for basin-scale evaluation, prospect analysis, and production planning of the opportunities on offer. This includes outputs of a recent collaboration with ION.
16 Oct 20
Australia: Armour Energy completes acquisition of Oilex’s Cooper-Eromanga Basin assets
Armour Energy has announced the completion of the acquisition of Oilex’s Cooper-Eromanga Basin assets for between 24.5m and 34.5m shares in Armour Energy.

Australia - more news

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