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Let's put some hard numbers on Australia's energy resources. Once that is done, the sensible options start to become somewhat clearer.
I've used energy units, PJ (petajoules) here to enable comparison between different resource types which would be more difficult if the units were expressed as tonnes of coal, barrels of oil etc. A consistent unit of measurement helps simplify the overall picture.
First, I'll start with oil. That is crude oil, condensate (a thin, light oil that's a gas underground but liquid once brought to the surface - it's refined to produce petrol etc in the same way as crude oil but it can only produce the lighter products, eg petrol and kerosene. It's no good for making other petroleum fuels or things like bitumen for which actual crude oil is needed). Also included here is LPG (which contrary to common belief, is properly considered as a form of oil rather than a gas as such).
Here's where we are now with crude oil and condensate and the situation isn't too good. Past production and remaining reserves by state.
Victoria: Produced = 23,561 PJ. Remaining = 2420 PJ.
WA: Produced = 14,268 PJ. Remaining = 16,231 PJ.
NT: Produced = 3685 PJ. Remaining = 3673PJ.
SA: Produced = 2381 PJ. Remaining = 592 PJ. Note that some of this production occurs from wells physically in South-West Queensland, although all processing and delivery occurs in SA.
Tasmania: Produced = 22 PJ. Remaining = Remaining = 306 PJ. Note that offshore production in Tas is physically landed in Victoria although the fields are in Tasmanian waters.
Queensland: Produced = 250 PJ. Remaining = 43 PJ.
NSW: Nil.
National: Produced = 44,167 PJ. Remaining = 23,265 PJ.
What about consumption? We use about 2300 PJ a year of liquid petroleum products in total in Australia.
So pretty clearly we're not too well off when it comes to oil. Australia may well be a "resources country" but when it comes to oil we've got declining production and rising imports.
I've used energy units, PJ (petajoules) here to enable comparison between different resource types which would be more difficult if the units were expressed as tonnes of coal, barrels of oil etc. A consistent unit of measurement helps simplify the overall picture.
First, I'll start with oil. That is crude oil, condensate (a thin, light oil that's a gas underground but liquid once brought to the surface - it's refined to produce petrol etc in the same way as crude oil but it can only produce the lighter products, eg petrol and kerosene. It's no good for making other petroleum fuels or things like bitumen for which actual crude oil is needed). Also included here is LPG (which contrary to common belief, is properly considered as a form of oil rather than a gas as such).
Here's where we are now with crude oil and condensate and the situation isn't too good. Past production and remaining reserves by state.
Victoria: Produced = 23,561 PJ. Remaining = 2420 PJ.
WA: Produced = 14,268 PJ. Remaining = 16,231 PJ.
NT: Produced = 3685 PJ. Remaining = 3673PJ.
SA: Produced = 2381 PJ. Remaining = 592 PJ. Note that some of this production occurs from wells physically in South-West Queensland, although all processing and delivery occurs in SA.
Tasmania: Produced = 22 PJ. Remaining = Remaining = 306 PJ. Note that offshore production in Tas is physically landed in Victoria although the fields are in Tasmanian waters.
Queensland: Produced = 250 PJ. Remaining = 43 PJ.
NSW: Nil.
National: Produced = 44,167 PJ. Remaining = 23,265 PJ.
What about consumption? We use about 2300 PJ a year of liquid petroleum products in total in Australia.
So pretty clearly we're not too well off when it comes to oil. Australia may well be a "resources country" but when it comes to oil we've got declining production and rising imports.