1 July 2004
Australasia
AUSTRALIA'S oil sector is in trouble. By 2010, the country faces a significant oil shortage and costly imports. Government agencies predict that domestic oil production by 2010 will be about 300,000 barrels a day (b/d), more than 50% less than it was at its peak in 2000 of about 0.73m b/d. As a result, the country desperately needs to find more oil and the federal government, say upstream firms, must do more to encourage exploration. Gas is a different story: the country has vast reserves—in the order of 150 trillion cubic feet. It is already a successful liquefied natural gas (LNG) exporter, through the still-expanding North West Shelf Venture, and more LNG-export projects are on the drawin
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