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

17 Jun 19
Australia: Senex and Jemena agree AUD50 million infrastructure deal
Senex Energy has agreed to sell its Roma North natural gas processing facility and pipeline to major energy infrastructure operator Jemena for $50 million and entered into a long-term gas tolling agreement.
14 Jun 19
Australia: 3D seismic further derisks Melbana's Beehive Prospect offshore Australia
Melbana Energy has advised that preliminary interpretation of the newly acquired Beehive 3D Seismic Survey confirms some key technical characteristics of Beehive, further de-risking the prospect. Total and Santos have until 2 October, 2019 to exercise an option to farm-in and drill the first exploration well.
13 Jun 19
Australia: Blue Energy completes successful capital raising to fund North Bowen Basin gas projects
Australia's Blue Energy has announced the successful completion of an over-subscribed AUD 4.2million placement. Funds will be used to advance Blue Energy’s gas projects and activities primarily in the North Bowen Basin.
12 Jun 19
Australia: Queensland royalty hike threatens gas investment
The Queensland Government has announced an across the board retrospective increase in the petroleum royalty rate from 10 per cent to 12.5 per cent, effective 1 July, on all gas produced in Queensland.
11 Jun 19
Australia: First LNG Cargo shipped from Prelude FLNG
Shell, along with its Joint Venture Partners INPEX, KOGAS and OPIC, has announced that the first shipment of Liquefied Natural Gas has sailed from Shell’s Prelude Floating Liquefied Natural Gas (FLNG) facility located 475kms North East of Broome in Western Australia. This shipment will be delivered by the Valencia Knutsen to customers in Asia.

Australia - more news

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