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

03 Aug 20
Australia: Shell to acquire environmental services company Select Carbon
Shell Australia will acquire 100% of Select Carbon, a specialist company that partners with farmers, pastoralists and other landowners to develop carbon farming projects throughout Australia.
30 Jul 20
Australia: NERA announces new project to reduce emissions and unlock Australia’s energy potential
NERA and CO2CRC have announced a new landmark study into Carbon Capture, Utilisation and Storage (CCUS) to assist the nation’s energy resources sector reduce CO2 emissions while securing Australia’s energy future.
28 Jul 20
Australia: PGS sets Australian seismic acquisition benchmark with the Ramform Hyperion
The Keraudren 3D seismic survey recently acquired by the Ramform Hyperion for operator Santos and their Joint Venture partner Carnarvon Petroleum provides a marked improvement in data quality over targeted reservoir intervals discovered and appraised in the three Dorado wells drilled in 2018 and 2019.
24 Jul 20
Australia: Central Petroleum announces Mereenie and Palm Valley reserves upgrade
Central Petroleum has announced a 16% upgrade of Proved and Probable (2P) oil and gas reserves across its three producing fields in the Northern Territory.
20 Jul 20
Australia: Strike Energy farms out Walyering Perth Basin discovery to Talon Petroleum
Strike Energy has agreed to farm-out a 45% non-operated interest in Walyering (EP447) to Talon Petroleum in exchange for a $6m free carry on an upcoming appraisal well.

Australia - more news

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