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<headline> Australia's oil reserves 'dwindling'
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<cite>March 2, 2010</cite>
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<strong>
AAP
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</p><p>Australia's
oil reserves are dwindling and the nation is becoming increasingly
reliant on imports for transport fuels, a new report shows.</p><p>The Australian Energy Resource Assessment (AERA) report has been released by Resources Minister Martin Ferguson.</p><p>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.</p><p>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.</p><p>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.</p><p>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.</p><p>Australia's
third-largest energy resource is gas - a significant portion of which
is located off the north-west coast of Western Australia.</p><p>"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.</p><p>"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.</p><div><<a href="http://news.smh.com.au/breaking-news-business/australias-oil-reserves-dwindling-20100302-pftv.html">http://news.smh.com.au/breaking-news-business/australias-oil-reserves-dwindling-20100302-pftv.html</a>></div><div><br></div><div><br></div></div></bod></div><div>
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