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

16 Jan 19
Australia: Cliff Head production returns to over 1000 bbls/day
Triangle Energy reports that production at its Cliff Head oil field in the Perth Basin has returned to over 1000 bbls/day following a successful work-over programme.
16 Jan 19
Australia: Woodside awards contracts for Scarborough Project
Woodside has awarded four contracts for front-end engineering design activities for the proposed Scarborough Project. The contracts are for engineering activities related to the upstream development’s floating production unit, the export trunkline and the subsea umbilical risers and flowlines.
14 Jan 19
Australia: Narrabri natural gas set to power more homes and businesses in northwest NSW
The Wilga Park power station in northwest New South Wales will be able to power the equivalent of 6000 more local households thanks to a new flowline connecting nearby Santos natural gas appraisal wells near Narrabri.
14 Jan 19
Australia: Strike Energy secures rig for West Erregulla in the Perth Basin
Strike Energy has secured the Easternwell 106 rig to drill the West Erregulla-2 well in EP469 in the Perth Basin. West Erregulla is one of the largest pre-drilled conventional onshore prospects in Australia.
11 Jan 19
Australia: Jadestone Energy announces Montara production restart
Jadestone Energy has announced the restart of production from the Montara oil field, following its maintenance and inspection shutdown.

Australia - more news

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