These results, based on the 2006 June quarter ABS international trade statistics, were released today by independent oil and gas industry advisor, EnergyQuest.
“Australia’s production of oil and natural gas liquids is now the lowest in 23 years,” said EnergyQuest head Dr Graeme Bethune when releasing the results.
“This is having a growing impact on the balance of payments.”
Bethune said Australia is considered an energy exporter. However, net petroleum imports cost Australia $3.3 billion in the June quarter, significantly more than the almost $2 billion earned from thermal coal and uranium exports, resulting in a $1.3 billion energy deficit, he added.
“Australia first went into a total energy trade deficit in the March quarter this year with a trade gap of $697 million.”
In other results released by EnergyQuest in its quarterly assessment of the Australasian oil and gas sector, the value of Australian petroleum production grew to $5.6 billion in the June quarter 2006, 8.5% above the June 2005 quarter.
But Australian petroleum production fell 5.8% to 111 million barrels of oil equivalent (MMboe) for the quarter, and oil production dropped 24.8% to 25.8MMboe, due to the rapid decline in mature oil fields and cyclone activity.
The growth in value of production in the June quarter was again due to higher oil prices (up 35.4%) and the spin-off effects for prices of natural gas liquids and LNG.
LNG production rose 2.2% to 3 million tonnes during the quarter.
Domestic gas production increased 4.7% to 244 petajoules in the quarter, due to higher customer demand in Western Australia. Production of conventional gas on the east coast was flat at 138PJ. Production of coal seam methane (mostly in Queensland) grew by 27.8% to 19PJ.
EnergyQuest oil and gas production estimates are compiled from a comprehensive database of over 300 company reports and are published in the company’s EnergyQuarterly.
