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OPERATIONS

Oil production hits 40-year low

ENERGY Quest's quarterly report for the Australian oil and gas sector has made grim observations of current reserves and production totals, noting that annual production of oil in 2013 slumped to its lowest point in 40 years.

Andrew Snelling
Oil production hits 40-year low

The report said production drove down 18.6% compared with the previous year, amounting to 71.9 million barrels. Australia produced 65 million barrels of oil in 1970. Gas was up 3.1% over 2013, with...

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