Australia’s oil self-reliance may falter without new discoveries

Australia gradually is slipping behind in its attempts to maintain self-sufficiency in oil despite a rally during 2005-06 as a result of new on-stream production, principally from Mutineer-Exeter field and the coming Enfield development, both in the Carnarvon basin off Western Australia. The country’s total expected crude oil and condensate production rate for 2006 is about 560,000 b/d, up from 460,000 b/d recorded for 2005.This will be an improvement on the 490,000 b/d recorded for 2004 but still well behind the peak production of over 800,000 b/d in 2000.Unfortunately, the current holding pattern is unlikely to last, as there have been no significant oil discoveries in the past 18...

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