AUSTRALASIA

AUSTRALASIA (The Asia-Pacific)	Australia New Zealand Papua New Guinea Timor Leste	POPULATION: mm AREA (on): km² OIL PEAK: (forecast)
SUPPLY Australia produces most of Australasia’s oil and gas, although Timor Leste (oil and gas) and Papua New Guinea (gas) will provide a growing contribution. The bulk of the oil is produced offshore. The region as a whole has witnessed a drawn out plateau as new remoter fields and natural gas liquids have roughly balanced decline of older inshore and onshore fields. However some growth is now forecast mostly comprising condensates and NGLs from the NW Shelf of Australia. Offshore gas production is growing slowly but will soon grow rapidly as new fields come onstream in these remote areas and from deep waters. Much of this will be converted to LNG. DEMAND Slow growth in consumption of oil and gas from 1996 to 2007 has now ceased with oil consumption liable to remain flat until 2017 when decline will begin as high oil prices restrain demand. Conversely gas consumption is set to consistently grow as the region makes use of its gas wherever it can. Oil imports are steadily reducing whilst gas exports are showing strong expansion mostly to satisfy North Asian markets. These trends look set to continue.
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