Reserves continue fall: EnergyQuest

EnergyQuest CEO Dr Grahame Bethune.

EnergyQuest CEO Dr Grahame Bethune.

EnergyQuest’s March 2018 EnergyQuarterly report has just been released, showing that Australian oil and gas reserves continued their downward trend in 2017.

Proved and Probable (2P) gas reserves fell by 5,355 PJ, more than production of 4,100 PJ. The Reserve Replacement Ratio for gas in 2017 was a sobering -32 per cent for gas.

Total Australian petroleum production in 2017 reached a record level of 819.9 MMboe (up 16.5 per cent yoy).

LNG export revenue is accelerating. Revenue for 2017 was $25.6 billion, up 43.2 per cent from 2016. The Reserve Bank says that LNG exports are expected to contribute around .25 percentage point to GDP growth per year. EnergyQuest expects LNG exports to reach 65 Mt in 2018.

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