Australia's Petroleum Output Up 10% in 2006-07

MELBOURNE Aug 28, 2007 (Dow Jones Newswires)

Australia boosted its oil and gas production by 10% to 472 million barrels of oil equivalent in the 12 months ended June 20, independent energy adviser EnergyQuest said Tuesday.

EnergyQuest said natural gas production climbed 8.9% on the previous year to 1,661 petajoules with more gas being used for electricity generation as the drought hit hydro schemes, and growing exports of liquefied natural gas.

The nation's proven and probable gas reserves at the end of June was about 41,200 petajoules, with 26,250 petajoules on the west coast and 14,900 on the east coast.

Oil output for the year climbed 16.6% to 129.8 million barrels due to higher production in the Carnarvon Basin off the coast of Western Australia, EnergyQuest said.

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