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

20 Mar 19
Australia: Indus Energy to proceed with New Era transaction
Indus Energy has entered into a non-binding term sheet to acquire 100 percent of the issued capital of South Australian based private oil and gas Company New Era Oil and Gas. New Era has farm-in rights to several oil and gas permits in the Cooper Basin, South West Queensland, Australia.
18 Mar 19
Australia: Cooper Energy provides update on Sole Gas Project
Cooper Energy has advised that installation and testing of the 67 km control umbilical connecting the Sole gas field with the Orbost Gas Plant has been completed. This milestone marks completion of the offshore construction phase of the Sole Gas Project.
17 Mar 19
Australia: CIMIC subsidiary UGL secures AUD190M contract for Woodside's Karratha Gas Plant
CIMIC subsidiary UGL, as part of a joint venture, has been awarded a new contract for services on the Woodside Energy operated Karratha Gas Plant.
13 Mar 19
Australia: IPB Petroleum seeks funding for WA-424-P proposed drilling and testing programme
IPB Petroleum has appointed Atoll Financial, an experienced cross-border finance house, to arrange debt finance to fund IPB’s proposed drilling, logging and testing programme within its WA-424-P exploration permit.
12 Mar 19
Australia: Aker Solutions wins FEED contract for a subsea compression system for the Jansz-Io field offshore Australia
Aker Solutions has been awarded a master contract to support the delivery of a subsea compression system for the Chevron Australia-operated Jansz-Io field offshore Australia.

Australia - more news

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