Australia: Gas Production to hit 100bn Cubic Metres by 2016 Says New Report

The ‘Australia Oil and Gas Report Q3 2012' states that coal bed methane (CBM) will increasingly contribute to the country's gas output, particularly in the east of the country, where CBM output will feed a number of LNG export terminals that are now under development. The report expects overall gas production to hit 100bn cubic metres (bcm) by 2016.

In July 2010, the Government announced a decision to extend the coverage of petroleum resource rent tax (PRRT) to cover all onshore oil and gas production and existing offshore production not currently covered by the PRRT. The new provisions were passed by Parliament in March 2012 and will apply from 1 July 2012. Existing royalties and production excise will continue to apply from these areas, but will be creditable against future PRRT liabilities from each individual project.

According to the 117 page report, by 2021, the oil import requirement is expected to rise to 660,000b/d, costing some US$23.36bn. In 2012, we expect Australia to import an average 451,000b/d at a cost of US$18.35bn using an OPEC oil price of US$111.47/bbl. Gas exports are forecast to rise to 62bcm by 2016, bringing in potential LNG revenues of around US$30.49bn. Net petroleum export proceeds by 2021 are estimated at US$18.09bn, with the higher LNG exports helping to offset the rising oil imports. View the Report.

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