1 January 2004
Australia: Industry body calls for action on plunging production
POLICYMAKERS are facing searing criticism from Australia's main oil and gas industry body for neglecting development of the upstream at the expense of the distribution and retail sectors. Oil and condensate production is forecast to drop by 50% over the next 10 years to around 325,000 barrels a day (b/d), because of a mixture of maturing acreage and financial obstacles to new field investment. But the Australian Petroleum Production&Exploration Association (APPEA) argues that an expanded upstream exploration programme could halt the need for increased petroleum imports. The Australian Bureau of Agriculture&Resource Economics projects that crude and condensate production will drop by
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