Australia hits record oil and gas production

Australia produced more oil and gas in 2018-19 than in any previous year, according to the latest EnergyQuest report.

Australian petroleum and gas production both rose 16 per cent from the previous year to achieve record numbers, with petroleum hitting 1,010 MMboe and gas reaching 5,082 PJ.

LNG production also rose 22 per cent to a record 75 million t, resulting in a 61 per cent rise in export revenue to $50 billion.

EnergyQuest CEO Graeme Bethune said the numbers represented the end of the major investments that had been made in LNG a decade ago.

“Treasurer Josh Frydenberg is imploring the private sector to increase investment and oil and gas are good ways of doing that if only the companies are allowed to explore and develop,” he said.

Despite the big numbers, EnergyQuest reported east coast domestic gas production was at its lowest in 10 years, coupled with a fall in east coast domestic consumption, while Queensland exported gas to the southern states at a higher rate than in past years.

“The cheapest electricity ad gas can be found in Western Australia and Queensland rather than the southern states,” said Mr Bethune.

“The latest exciting development is Strike Energy’s West Erregulla discovery in the onshore Perth Basin, within 300 km of Perth.

“Who knows how much gas might be found within 300 km of Sydney and Melbourne if only companies were able to explore? Otherwise manufacturing will move where the energy is cheaper.”

EnergyQuest’s report also said CSG production had increased 5 per cent in 2018-19 to a record 1,461 PJ, while production of crude oil, condensate and LPG was its highest since 2014-15.

For more information visit the EnergyQuest website.

If you have news you would like featured in Gas Today contact Managing Editor David Convery at dconvery@gs-press.com.au

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