Publications

Survey of Energy Resources 2007

Crude Oil and Natural Gas Liquids Country Notes

Although drilling for oil took place as long ago as 1892, it was not until well after World War II that Australia achieved oil-producer status. Since then, numerous oil fields have been discovered, notably in the following areas: Gippsland Basin (Bass Strait), off Victoria; Cooper Basin, South Australia; Eromanga and Surat Basins, Queensland; Carnarvon Basin (North-west Shelf) off Western Australia; Bonaparte Basin in the Timor Sea.

According to Geoscience Australia data as at 1 January 2005, 'remaining commercial reserves' were 113.6 gigalitres of crude oil and 100.8 gigalitres of condensate. With the inclusion of 117.1 gigalitres of naturally-occurring LPG, total proved recoverable oil reserves amounted to 331.5 gigalitres, equivalent to 2 085 million barrels or almost 225 million tonnes. Commercially published estimates of Australian oil reserves differ considerably from Geoscience Australia's level: Oil & Gas Journal quotes 1 437 million barrels and
World Oil 4 015.

The estimated additional reserves recoverable, on the basis of Geoscience Australia's estimates of reserves that have not yet been declared commercially viable (non-commercial reserves), are as follows (in gigalitres): crude oil 124.2; condensate 314.9; naturally-occurring LPG 174.8, giving a total crude plus NGLs of 613.9 gigalitres or 3 861 million barrels.

Production of oil (including condensate and other NGLs) has fluctuated in recent years: in 2005 it averaged 554 000 b/d, of which crude oil accounted for 58%, condensate 22% and LPG/ethane for 20%. About 50% of Australia's total oil output in 2005 was exported, mostly to Japan and other Asian destinations, the USA and New Zealand.