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SUPPLY
Most oil and gas production comes from offshore, firstly
from the Gippsland basin in the southeast and later from a series of
shallow and deep water basins along the North West Shelf. After an oil
production spike in 2000 when new fields came onstream on the North West
Shelf, oil output declined rapidly. However it is expected to resurge,
and then flatten off through the next decade as the Gippsland basin
fields continue to decline but are replaced by NGLs and condensates from
Australia’s gas fields.
The Australian gas industry is growing with fields being developed
throughout the North West Shelf to serve a growing indigenous pipeline
market and an expanding LNG export capacity. Deep waters too are also
providing Australia with long-term gas production growth.
DEMAND
 Australia’s
oil demand has been on a steady upward path as transport needs expand.
However steady imports, higher prices and a drop in demand for its mined
resources forced consumption down in 2008. Demand is now likely to
remain flat, followed by slow decline after 2015.
Conversely ready supplies of gas and pressure for fuel substitution will
ensure that gas demand continues to grow whilst exports of gas will also
pick up rapidly, with growth continuing through to 2020.
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