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Report highlights abundant natural gas but dwindling crude oil

A new report released by the Minister for Resources and Energy, the Hon Martin Ferguson AM MP, highlights Australia’s abundant natural gas and dwindling crude oil reserves, says the Australian Petroleum Production & Exploration Association (APPEA).

The Australian Energy Resource Assessment (AERA) report is a powerful addition to the information base that underpins our understanding of Australia’s oil and gas reserves and resources, according to APPEA.

APPEA chief executive, Belinda Robinson, said that by providing greater clarity around the immense size of Australia’s gas resources and the challenges facing Australia as our oil resources diminish, the report will make a critical contribution to informed energy decision-making and policy development.

“The Minister is to be commended for commissioning this work, the significance of which should not be under-estimated. This report confirms that Australia has the potential to be a cleaner energy super power,” said Ms Robinson.

“The AERA report comprehensively puts to rest any concerns about whether Australia has enough energy, including gas, to satisfy a growing domestic energy market at the same time as taking full advantage of the export opportunities for liquefied natural gas (LNG).”

The picture for crude oil is more challenging, says the report.

Australia’s crude oil production is in decline. While boosted by condensate and LPG resources and further growth at existing fields, arresting the decline is unlikely to occur without major new discoveries being made in untested, deep water basins, the report says.

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