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Australia breaks Oil & Gas production record



The Australian Oil & Gas industry broke production records in the 2019 financial year, having reached one billion barrels for the first time.

Deliveries from the Prelude FLNG are aiding a record breaking production year for Australia's LNG industry
(Image via Shell)

Both oil and gas were up 16% year-on year, as reported by consultancy firm EnergyQuest in their Energy Quarterly September 2019 report.

Petroleum was reported to reach 1,010 MMboe, while gas reached a total of 5,082PJ.

The firm also reported a record LNG output, which was up 22% at 75 million tonnes or 4,070PJ. This is estimated to result in a total $50 billion in export revenue - a rise of 61%.

This increase comes from record east coast and Western Australian gas production - which were both up 2% to a total of 19.3 million tonnes in the second quarter.

The report predicts that this LNG output is “set to rise significantly” again in the third quarter, with Shell’s Prelude FLNG making regular LNG cargo shipments from offshore Western Australia and Inpex’s Ichthys project in the North almost reaching full capacity.

EnergyQuest’s CEO, Graeme Bethune, commented on the report by highlighting the successes found so far and the huge potential that still remains in Australia.

“The cheapest electricity and gas can be found in Western Australia and Queensland rather than the southern states. The latest exciting development is Strike Energy’s West Erregulla discovery in the onshore Perth Basin, within 300 km of Perth.

“Who knows how much gas might be found within 300 km of Sydney and Melbourne if only companies were able to explore? Otherwise manufacturing will move where the energy is cheaper.”

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Recent Comments
"This is estimated to result in a total $50 in export revenue - a rise of 61%." A whole $50?? I would hope that is in the billions!
Zac M, 12 September 2019
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Australia breaks Oil & Gas production record - Time to read 2 min
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