Central & SE Asia / Australasia
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
26 Jul 24 |
Australia: Empire Energy signs Gas Sales Agreement with NT Government Empire has been actively pursuing production from the Beetaloo Basin since 2011, with strong support from the NT Government for this objective since 2018. Subject to final approvals, Empire anticipates being the first company to provide gas supply from the Beetaloo, commencing next year. |
26 Jul 24 |
Australia: Seraya portfolio company, Cyan Renewables, acquires Australian vessel operator MMA Offshore Cyan Renewables, Asia’s leading offshore wind services platform based in Singapore, has announced its acquisition of Australian offshore marine services provider MMA Offshore for A$1.1B (US$702M). The transaction marks the region’s largest take-private deal in the offshore wind energy services industry, strengthening Cyan's position in the Asia Pacific (APAC) region. |
25 Jul 24 |
Australia: Offshore acreage for petroleum exploration and CCS a boost to Australia’s energy security The awarding of new offshore acreage for petroleum exploration and carbon capture and storage (CCS) opportunities provides a much-needed boost to Australia and the region’s long-term gas supply. Australian Energy Producers Chief Executive Samantha McCulloch welcomed Resources Minister Madeleine King’s announcement of three years’ worth of acreage releases. |
24 Jul 24 |
Australia: Koorangie Energy Storage Facility hits major milestone The Allan Labor Government’s $480 million investment into Victoria’s energy grid has reached another milestone with the delivery of 100 Tesla Megapacks to the Koorangie Energy Storage System. The battery system will help accelerate the transition to renewables and help lower power bills. |
22 Jul 24 |
Australia/US: Woodside to acquire Tellurian and Driftwood LNG Woodside has entered into a definitive agreement to acquire all issued and outstanding common stock of Tellurian including its owned and operated US Gulf Coast Driftwood LNG development opportunity. The acquisition of Tellurian and its Driftwood LNG development opportunity positions Woodside to be a global LNG powerhouse. |
Australia - more news
Other countries in this region
- Bangladesh,
- Brunei,
- Cambodia,
- China,
- Fiji,
- Hong Kong,
- India,
- Indonesia,
- Japan,
- Laos,
- Malaysia,
- Maldives,
- Mongolia,
- Myanmar,
- Nepal,
- New Zealand,
- North Korea,
- Pakistan,
- Palau,
- Papua New Guinea,
- Philippines,
- Singapore,
- South Korea,
- Sri Lanka,
- Taiwan,
- Thailand,
- Timor Leste,
- Vietnam