But the report on Australia’s national and state energy projections to 2029-2030 also found the annual rate of increase in energy consumption is likely to continue to decline, in line with long-term trends.

It forecast that Australia would continue to meet its energy requirements through a combination of coal, oil, gas and renewables.

The report said the most significant change in fuel shares from 2004-05 to 2029-2030 is likely to be an increase in the share of gas as it becomes a more widely used fuel for generating electricity.

Electricity generation itself is projected to grow at an average rate of 1.9% a year, to reach 408 terawatt-hours by 2029-2030.

ABARE executive director Phillip Glyde said Australia’s “positive balance” in fossil fuels trade is likely to grow, with black coal and liquefied natural gas production expected to rise quicker than domestic consumption between 2004-05 and 2029-2030.

“Oil production is projected to rise toward 2007-08 as several large, new projects come onstream,” Glyde said.

“The prospective development in the 2010s of large LNG projects in Australia’s north and west also holds the possibility of associated increases in condensate production.”

Glyde said overall, the combined production of oil and naturally occurring liquefied petroleum gas is forecast to increase “only modestly” to 2029-2030, while consumption of liquid fuels is projected to grow more strongly.

“Net imports of oil are projected to increase as Australian refineries demand increasing quantities of oil to produce refined products for the transport market,” he added.