Monday April 11, 2005

Australia running out of oil : Treasurer

Treasurer Peter Costello has delivered a blunt warning that Australia is running out of oil as existing fields near the end of their productive lives. In a speech to the Northern Territory Cattlemen's Association, Mr Costello said it was little known that Australian exports of fuel had been falling for years despite soaring prices.

"The reason why Australia's crude oil exports have fallen over recent years - while world demand and prices have increased to record levels and LNG exports are booming - is that some of our oilfields are approaching the end of their productive lives," he said.

Total production had fallen from about 650,000 barrels a day to less that 430,000 barrels a day since mid-2002. Some fields - for example the Bonaparte field off Western Australia - are now producing only about a quarter of 2002 levels.

According to the Australian Petroleum Production and Exploration Association, if current trends continue, Australia will be about 78 per cent dependent on oil imports in 10 years, compared with the present 30 per cent dependence.

See also :

1. Oil Crisis Down Under
2. Peak Oil, Australia

(2005-04-11 07:46:45 SGT) [Energy] Permalink

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