[Peakoil] Australian oil production sinks to 41 year low as focus changes to gas

[Jenny Goldie]

Australian oil production sinks to 41 year low as focus changes to gas
From: The Australian 
March 20, 2012 
AUSTRALIAN oil production has sunk to a 41-year low and is set to continue falling because the energy sector's focus has switched to gas. 
Oil production last year fell by 18.9 per cent to 92 million barrels, the lowest since 1970, the latest report by Adelaide-based energy sector advisory firm EnergyQuest shows.
As a result, Australia's petroleum trade deficit widened to a record $11.8 billion.
Production of condensate, liquefied petroleum gas and liquefied natural gas was also lower and domestic gas production was flat.
The report shows that production of oil and unconventional oil has slumped by 25 per cent since 2005 while gas output had risen by the same amount.
"Oil and liquids (unconventional oil) have been replaced by gas," EnergyQuest chief executive Graeme Bethune said.
The report shows total petroleum production -- including LPG and natural gas -- fell to 488 million barrels of oil equivalent (MMboe) last year, down from 519 MMboe in 2010 and the lowest level since 2008.
Dr Bethune said the long-term trend was for oil output to continue to decline in the absence of big new discoveries.
He said the golden age of gas had begun, with Woodside's Pluto LNG project about to start up this month and another seven LNG projects currently under construction.
http://www.theaustralian.com.au/business/mining-energy/australias-oil-production-sinks-to-41-year-low-as-focus-changes-to-gas/story-e6frg9ef-1226304520089