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

09 Jul 25
Australia: Beetaloo hits major milestone with NT well gas stimulation
Beetaloo Energy Australia has completed a historic hydraulic stimulation campaign on its Carpentaria-5H well in the Northern Territory’s Beetaloo sub-basin, marking what could be a turning point in Australia’s quest for reliable and scalable gas supply to the eastern seaboard.
07 Jul 25
Australia: Bonaparte CCS Project awarded major project status
INPEX has announced the Bonaparte CCS Assessment Joint Venture, operated by its subsidiary INPEX Browse E&P and also involving TotalEnergies CCS Australia and Woodside Energy, has been awarded Major Project Status by the Australian Government. The Bonaparte CCS Project is the first offshore carbon capture and storage project to receive Major Project Status in Australia.
23 Jun 25
Australia: RWE’s Theodore Wind Farm project receives development approval
RWE Renewables Australia’s 1-gigawatt Theodore onshore wind project has received state planning approval from the Queensland Government. The project would generate enough electricity to power about 500,000 Queensland homes.
23 Jun 25
Australia/Japan: Woodside to bolster Japan's winter energy security
Woodside Energy Trading Singapore and JERA have entered into a nonbinding heads of agreement (HOA) for the sale and purchase of LNG cargoes during Japan’s peak winter period. This agreement strengthens Woodside’s long-standing relationship with JERA and further supports Japan’s energy security.
18 Jun 25
Australia: Barossa LNG FPSO arrives in field, successfully hooks up and commences final commissioning plans
Santos has announced the arrival of the BW Opal FPSO vessel at the Barossa gas field approx. 285 km north of Darwin on 15 June 2025, marking a critical milestone on the path to first gas in the third quarter of 2025. The FPSO has since been successfully hooked up, and final commissioning activities are progressing to plan.

Australia - more news

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