AUSTRALIA: THE 3-RD LARGEST LNG EXPORTER
Country Analysis Brief Overview
- Australia, rich in hydrocarbons and uranium, was the world's second-largest coal exporter in 2012 and the third-largest liquefied natural gas (LNG) exporter in 2013.
- Australia's dependence on oil imports has increased to fill the growing gap between domestic consumption and production.
- Australia's overall oil production has declined since 2000, although additions through condensate production and smaller crude oil developments are expected to offset declines in mature fields over the next few years.
- Australian natural gas production has increased sharply over the past decade as a result of new projects.
- Australia has become a leading LNG exporter in the Asia-Pacific region in the past decade. Greater expected natural gas production and new LNG capacity in the next few years is likely to boost natural gas exports even more.
- Australia is the world's second-largest exporter on a weight-basis, and coal ranks as the second-largest export commodity for Australia in terms of revenues. It holds the fourth-largest reserves.
- Although about 87% of Australia's electric generation in 2013 was from fossil fuels, chiefly coal, there is a push for cleaner and more renewable power.
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