New report highlights petroleum reserves increase
Australia's commercial and non-commercial gas and condensate reserves have continued to increase as a result of further discoveries and revision of gas and condensate reserves, announced the Parliamentary Secretary to the Minister for Industry, Tourism and Resources, Warren Entsch in a recent media release.
Oil and Gas Resources of Australia 2001, published by Geoscience Australia, shows that current gas reserves increased in 2001 to 141 trillion cubic feet, 23 per cent over 2000 reserves.
Reserves of crude oil and condensate currently amount to 4084 million barrels - an increase of 6.7 per cent from 2000 despite sustained levels of production and a decline of five per cent in crude oil reserves. This is due to increases in reserves of condensate in gas fields.
"These significant increases in our commercial and non-commercial gas reserves are attributable to continuing large gas discoveries and revisions to the reserves of existing fields particularly off north west Australia in the Carnarvon and Browse Basins," Mr Entsch said
"In addition, further gas discoveries made in 2001 and the first nine months of this year will also significantly add to our gas reserves and provide further security for Australia's gas supplies and for further LNG exports," he said.
However, Mr Entsch sounded a note of caution. "While there have been some large gas discoveries made, recent discoveries of crude oil are insufficient to maintain production in the medium term," he said.
"A reduction of nearly 37 per cent in crude oil and condensate production is expected by 2005 and possibly 55 per cent by 2015, however, this shortfall situation could change in the near future if we were to discover a significant new oil province."
The Oil and Gas Resources of Australia 2001 contains a record of oil and gas expenditure, exploration, reserves, undiscovered resources, development, production and supporting information and statistics. It also includes a forecast of Australia's crude oil and condensate production from 2002 to 2015, an estimate of undiscovered oil and gas potential, and sustainability indicators for petroleum resources.
Copies of Oil and Gas Resources of Australia 2001 and additional large copies of the Petroleum Exploration and Development Titles Map and Key can be purchased from the Geoscience Australia Sales Centre.
Topic contact: firstname.lastname@example.org Last updated: May 31, 2012