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.
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.
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.
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.