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2010 a record year for LNG, gas and oil in Australia: EnergyQuest

The report states that Australian natural gas production reached a record 1,999 PJ in 2010 – up 5.1 per cent from the previous year’s 1,902 PJ.

LNG production grew by 6.2 per cent in 2010, from 18.6 MMt/a in 2009 to 19.8 MMt/a, due to production from the fifth train at the NWS LNG Plant in Western Australia.

The value of LNG exports was a record $A9462 million – an increase of 24 per cent over $A7631 million in 2009, according to the report.

EnergyQuest Chief Executive Officer Graeme Bethune said that LNG momentum would continue throughout 2011, following recent progress at the GLNG Project and APLNG Project, both located in Queensland.

“Altogether there are seven Australasian LNG projects aiming for final investment decisions in 2011, with combined capacity of around 40 MMt/a,” Mr Bethune said.

Australian petroleum production increased by 6.3 per cent in 2010 to 520 MMboe, up from 489 MMboe in 2009.

“After slumping to a 40-year low of 99 MMbbl of oil in 2009, production grew to 16.2 per cent to 116 MMbbl in 2010,” Mr Bethune said.

“This was due to production from the Pyrenees, Van Gogh and Vincent oil fields, all situated off the northwest Western Australian coast.

“Reflecting the contribution made by these fields, Apache Energy and INPEX moved up to third and fifth places respectively in the league table of Australian oil producers.”

Total Australian domestic gas production grew by 2.7 per cent in 2010 to a record 1,060 PJ, and total east coast production grew 4.4 per cent to a record 687 PJ due to high coal seam gas (CSG) production of 222 PJ.

“2P CSG reserves grew by just over 9,000 PJ to reach 35,246 PJ as LNG proponents built up their 2P reserves,” the report states.

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