Petroleum production and development across Australia 2017*
Graeme Bethune A B and Susan Bethune AA EnergyQuest, Level 30, 91 King William Street, Adelaide 5000, Australia.
B Corresponding author. Email: gbethune@energyquest.com.au
The APPEA Journal 58(2) 469-478 https://doi.org/10.1071/AJ18009
Accepted: 20 March 2018 Published: 28 May 2018
Abstract
This Petroleum Exploration Society of Australia review looks in detail at the trends and highlights for oil and gas production and development both onshore and offshore Australia during 2017. Gas production soared while oil production plummeted yet again. Liquefied natural gas (LNG) did well; 2017 was a great year for LNG and 2018 should be even better. There are stark contrasts between domestic gas on the west and east coasts. On the west coast, prices are affordable and supply relatively plentiful. On the east, prices are high and gas is in short supply. This paper canvasses these trends and makes conclusions about the condition of the oil and gas industry in Australia.
This paper relies primarily on production and reserves data compiled by EnergyQuest. In its latest review of Australian energy policy, the International Energy Agency comments yet again on the weaknesses of Australian oil and gas statistics. This paper also makes some observations on these weaknesses.
Keywords: Australia, coal seam gas, condensate, CSG, domestic gas, gas, LNG, LPG, natural gas liquids, oil, production, reserves.
Dr Graeme Bethune is Chief Executive Officer of EnergyQuest, a company he established in 2005 to provide energy analysis and strategic advice to companies and governments, with a particular focus on natural gas and LNG. EnergyQuest’s clients include the Australian Government, most Australian state governments and most oil and gas producers operating in Australia. EnergyQuest’s EnergyQuarterly is acknowledged as the pre-eminent source of data and analysis on the Australian oil and gas sector. EnergyQuest is also produces detailed analysis of Australian LNG and CSG. Graeme is also Chairman of the Australian Gas Industry Trust and a member of the Executive Committee of the International Gas Union. |
Susan Bethune is Head of Data and Finance, EnergyQuest, responsible for market data and analysis. She is an expert on energy market data and modelling, including energy prices, production and reserves. Susan has created and maintains the databases used in EnergyQuest’s EnergyQuarterly reports and has undertaken numerous projects for clients wanting customised data series. |
References
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International Energy Agency (2018). Energy Policies of IEA Countries, Australia 2018 Review. OECD, Paris. Available at: http://www.iea.org/publications/freepublications/publication/EnergyPoliciesofIEACountries Australia2018Review.pdf [verified 20 April 2018]
RBA (2018). Statement on Monetary Policy February 2018. Reserve Bank of Australia, Sydney. Available at: https://www.rba.gov.au/publications/smp/2018/feb/ [verified 20 April 2018].
