Today's Trends: Conventional, Unconventional Gas Boosts Production
Australia's natural gas production has grown over the past decade as operators continue to uncover conventional natural gas, particularly in the offshore Carnarvon and Browse basins offshore Western Australia, and unconventional gas resources such as coal seam gas reserves in eastern Australia.
According to the BP Statistical Review of World Energy 2010, Australia's natural gas production grew from 1.08 Tcf in 1999 to 1.49 Tcf in 2009. The nation's natural gas reserves also have grown considerably, climbing from 3.3 Tcf in 1989 to 70.3 Tcf in 1999 to 108.7 Tcf last year. The country has significant gas resources; gas is Australia's third largest energy resource after coal and uranium.
The Australian Petroleum Production and Exploration Association (APPEA) notes that the Australian government's greenlight in 2009 for the Gorgon liquefied natural gas (LNG) project, as well as growing debate about climate change and carbon abatement measures and recognition of the low-carbon emission benefits of gas, increased the profile of Australia's natural gas industry.
In recent years, Australia's natural gas prospectivity has drawn more overseas investors, both independent oil companies and state-owned companies, who are pursuing both conventional and unconventional gas resources.
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