[Peakoil] Australia's oil reserves 'dwindling'

[Antony Barry]

From SMH -

                         Australia's oil reserves 'dwindling'

March 2, 2010
AAP

Australia's oil reserves are dwindling and the nation is becoming increasingly reliant on imports for transport fuels, a new report shows.

The Australian Energy Resource Assessment (AERA) report has been released by Resources Minister Martin Ferguson.

The peak industry body for oil and gas producers says the report into Australia's energy resources has debunked the myth the nation won't have enough energy resources into the future.

But the Australian Petroleum Production & Exploration Association (APPEA) says the report also shows the nation will need to import more oil to run its transport network.

That reliance is likely to increase unless there are new significant discoveries of crude oil or alternatives are made using the development of condensate resources using the offshore gas reserves.

APPEA chief executive Belinda Robinson said in general the report painted a bright picture for the future of the energy industry, citing over $200 million in projects on the drawing board.

Australia's third-largest energy resource is gas - a significant portion of which is located off the north-west coast of Western Australia.

"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," Ms Robinson said in a statement.

"Getting these (gas) projects off the drawing boards and into construction can create up to 55,000 new jobs in Australia over the next 10-15 years," she said.

<http://news.smh.com.au/breaking-news-business/australias-oil-reserves-dwindling-20100302-pftv.html>


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