Understanding Australia's petroleum resources, future production trends and the role of the frontiers

Relative to its needs over the last 30 years, Australia has enjoyed a high level of selfsufficiency. Whilst the overall remaining reserves of oil have remained relatively constant, reserves of condensate have grown substantially as major reserves of natural gas have been added to Australia's resource inventory. Oil and condensate reserves stand at 3.43 billion barrels (505 GL) of which 50% is condensate in gas fields. Australia's undiscovered oil potential in its major offshore hydrocarbon producing basins has been upgraded to an indicative 4.975 billion barrels (790 GL) at the average expectation, following evaluation of the assessment results for Australia in the authoritative worldwide assessment of undiscovered potential by the US Geological Survey.