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Oil and gas industry in Australia - statistics & facts

Australia’s oil and gas industry has held a critical place in the development of the country’s present-day economy. Australia makes a small but valuable contribution to the world’s global oil and gas supply with the production and export of liquefied natural gas (LNG), crude oil, and condensate. The gross value added by Australia’s oil and gas extraction industry has continued to increase over the past decade, though has stagnated in recent years.

Australia's oil and gas market

The exploration and production of commodities in the petroleum sector is predominately based in Western Australia. The Carnarvon and Perth Basins in this region produced thousands of megaliters of crude oil. In terms of natural gas, billions of cubic meters were produced across the entire country. Australia produces more natural gas than it consumes; the population only consumed about a third of the production volume.

Australia has been competing with Qatar and the United States as the world’s biggest LNG exporter. With increasing global demand, the export volume of LNG has continued to increase over the past decade, only slightly dipping in 2021. Australia’s biggest LNG export markets included Japan, China, and South Korea in 2018.

In contrast, the crude oil export volume has fluctuated over the past decade. The properties of Australian oil tend to be more suited to export markets. Therefore, Australia imports a significant volume of crude oil for its own refinery processes.

Environmental influence on the industry

The surge in interest in renewable sources of fuel will inevitably shape the future of this industry in Australia. Experts agree that in some cases, renewable technologies are now at a point where they are economically viable within the industry. Oil and gas operations may soon be powered by renewable technology such as solar energy. While there has been a shift towards more environmentally conscious oil and gas operations, there are no strict federal government requirements for fossil fuel facilities to limit their greenhouse gas emissions. This has led to tension between industry participants and environmentalists.

Interesting statistics

In the following 8 chapters, you will quickly find the 40 most important statistics relating to "Oil and gas industry in Australia".


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