Australia smashes petroleum production records

AUSTRALIAN petroleum production set a new record in the year to June 2018, increasing by 13.2% year-on-year or 101.3 to 870.4 MMboe, with the nation adding the equivalent to three Cooper Basins or two Pluto LNGs in the space of just 12 months.

Australia smashes petroleum production records Australia smashes petroleum production records Australia smashes petroleum production records Australia smashes petroleum production records Australia smashes petroleum production records
Australia is set to hit an annual run rate of one billion barrels of oil equivalent at some point in 2019. 
 
LNG production is now nearly three-times domestic gas production.
 
Queensland LNG projects continue to operate well below capacity, due to having insufficient gas, and there are few spot cargoes from Gladstone notwithstanding high LNG spot prices.
 
At the same time Queensland is struggling to meet domestic demand, as ongoing concerns remain about the future of the east coast market
 
EnergyQuest's Dr Graham Bethune said the Gladstone capacity was "uncommercially low", falling to an average 77% in the June 2018 quarter, compared with rates of over 100% i...