The future of Australian mining minerals: Petroleum
- Author National Plant And Equipment
- Published October 23, 2015
- Word count 373
Over the past few years, growth in Australia’s petroleum sector, which includes crude oil, condensate, LPG, natural gas and LNG, has been largely attributed to LNG.
In fact, as several major gas projects step up to completion, the contribution of liquid natural gas (LNG) to the Australian economy is anticipated to increase from AU$12 billion to AU$60 billion by 2018.
As growth in the gas market continues, how is the rest of the petroleum sector fairing? In our series on The Future of Australian Mining Minerals, this latest article explores the petroleum sector and how global trends are expected to influence exploration, production and exports.
PETROLEUM IN AUSTRALIA
In Australia, the production of oil, condensate and LPG has been trending down since it peaked in 2000, according to the Australian Petroleum & Exploration Association. A greater than 50% slide in oil prices, caused by a global oversupply, has made exploration and development of new projects far less attractive to Australian producers.
Conversely, Australia’s production of natural gas (LNG, domestic gas and natural gas from coal seams) has more than doubled since 1998. This year alone will see several new LNG processing plants come online, and the start of production for one of the Curtis Island LNG plants.
FUTURE GROWTH IN PETROLEUM PRODUCTS
The outlook for the petroleum industry is mixed. Australia’s oil production has been declining and there is approximately only one decade of known oil resources remaining (taken at today’s production rates). That said, there has been little exploration of onshore oil reserves.
On the other hand, Australia has the largest natural gas reserves in the Asia-Pacific region with production continuing to increase. Western Australia has the largest producing basin in the country, new discoveries are being made and more exploration yet to be done.
Liquid natural gas is the fastest growing energy sector and the outlook looks good for continued growth. We are currently the world’s fifth largest LNG exporter and a global leader in LNG innovation.
ARE YOU IN THE PETROLEUM SECTOR?
If you’re in the mining and minerals sector such as LNG, National Plant and Equipment provides flexible earthmoving equipment solutions to meet your needs. We supply only reputable brands of mining equipment for sale or for hire.
Contact our experienced team today on 1300 794 448. See more at http://nationalplant.com.au
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- The 1922 Salacious Double Murder of the Priest and His Choir Singer.
- The Ultimate Guide to Wispy Lashes
- The Ultimate Guide to Cat Eye Lashes
- Embrace Moody Maximalism: Unleashing Rich, Bold Interiors
- Enhance Your Bedroom with Sliding Barn Doors
- Dr. Aaron Cwik DDS inspired by Oral Surgeon Robert Marx
- Paris Olympics travel guide 2024
- Immigration Services in Germany: Your Gateway to a Successful Transition
- How to deal with growing pains in the legs of children?
- What is the AS/NZS standards Type 241 Mining Cable?
- The Legal Landscape: Casino Regulations in Houston vs. Chicago
- Common Challenges And Solutions In High-Volume Injection Mold Production
- Boat Neck Dress: Elegant and Classic Fashion Choice
- Top 10 Ways to Maximize Your Job Shop Efficiency with Business Central
- Television and Nazism at the 1939 World's Fair.
- Top Breweries To Visit in Portland and Asheville
- The Rise of Crypto Gambling in the Casino Entertainment Industry
- Top 10 Ways to Improve Production Scheduling in Business Central
- IMIC e.v.– immigrant advisory services in Germany: A guide along a new path
- Against Molecular Mixology and the Cancer-Causing Powders
- A simple introduction to PHP Functions
- Enhancing Your Property with a Durable Concrete Sidewalk
- Twitter Spy is the best way to track your corporate wife
- Discover the Pinnacle of Luxury: The Most Exclusive Hotel Rooms and Villas in the Maldives
- How to Find the Perfect Web Designer for Your Small Business
- A Comparison of Window Cleaning Methods
- The Ultimate Guide to Rug Cleaning
- Uncovering the Beginning of Marine Reptiles: A 246-Million-Year-Old Nothosaur Fossil in New Zealand
- The Canvas of Our Lives
- Coffee Reduced Risk Of Depression: A Surprising Connection