PROJECT DESCRIPTION
Australia’s oil resources are primarily condensate and naturally occurring liquefied petroleum gas (LPG) associated with large offshore gas fields. Australia also has a number of crude oil reserves. There is scope for growth in Australia’s oil reserves in existing fields, and for new oil discoveries in proven basins and in underexplored frontier basins. Australia has large unconventional oil resources hosted in oil shales. These resources, along with the recently recognised potential for shale gas liquids and light tight oil, could potentially contribute to future oil supply. Identified shale oil resources contained in immature oil shale deposits is estimated at 131,659 petajoules (22,391 MMbbl).
The growing global demand for energy, led mainly by China and India over the past decade, coupled with the shift in energy transition has driven a strong increase in gas demand, particularly LNG due to its suitability for long-distance transportation. Australia’s geographic/geological positioning, ability to attract foreign investors/oil and gas majors and key Asian LNG buyers has enabled Australia to meet the various demands and emerge as one of the world’s largest LNG exporters.
Around 92 per cent of Australia’s conventional gas resources are located in the Carnarvon, Browse and Bonaparte basins off the coast of Western Australia and the Northern Territory. There are also resources in offshore basins along Australia’s southern margin as well as in onshore basins. The potential for additional commercial discoveries is large.
Oil & Gas Investment
Australia is a reliable LNG producer offering investors a stable regulatory environment and proximity to the expanding Asian LNG market. Gas is a relatively flexible and clean fuel and is projected to be the fastest growing non-renewable energy source over the next twenty years.
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