appea key-stats15 web
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KE Y STAT I ST IC S
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World supply of oil and LNG
World oil supply averaged 86.7 million barrels a day in 2013,an increase of 0.5 million barrels a day from 2012.
Share of world oil supply 2013
OPEC 42.5%
USA 11.5% Other North America 7.9%
SOURCE: BP STATISTICAL REVIEW 2014
Russian Federation 12.4%
Europe 7.4%
China 4.8% Asia–Pacific 4.7%
Middle East and Africa 0.4%
South America 8.4%
Top 10 LNG exporting countries 2013 (billion cubic metres)
0 20 40 60 80 100
SOURCE: BP STATISTICAL REVIEW 2014
Qatar
Malaysia
Australia
Indonesia
Nigeria
Trinidad & Tobago
Algeria
Russian FederationOman
Yemen
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Energy use in Australia
Oil remained Australia’s largest primary energy source in2013–14, followed by coal and natural gas.
Share of primary energy consumption 2013–14
Oil 37.7%
Coal 33.1%
Renewables 5.6%
SOURCE: 2014 AUSTRALIAN ENERGY UPDATE
Natural gas 23.6%
The global market is adjusting to the new oil supplies(much from US shale regions) and less robust globaldemand growth. Global supply has increased at a greaterpace than global demand.
The real price of oil (US$ per barrel)
0
30
60
90
120
150
1999 2001
WTI spot price FOB
2003 2005 2007 2009 2011 2013 2015
S O U R C E : U S E N E R G Y I N F O R M A T I O N A D M I N I S T R AT I O N
Brent spot price FOB
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Production—petroleum liquids
Australia’s production of oil, condensate and LPG has beentrending down since it peaked in 2000.
Historical Australian petroleum liquids production(millions of barrels)
SOURCE: APPEA
1998 2000 2002 2004 2006 2008 2010 2012 20140
50
100
150
200
250
300
Crude LPGCondensate
Production of petroleum liquids by state (millions of barrels)
Crude Condensate LPG2013 2014 2013 2014 2013 2014
NSW – – – – – –NT 1.8 1.7 – – – –Qld 5.0 5.2 1.6 1.6 2.2 2.4SA 7.2 8.3 1.3 0.1 – –Tas – – 0.6 0.5 0.6 0.4Vic 9.3 11.8 7.8 8.5 10.9 11.4WA 44.6 52.4 36.6 33.6 7.9 6.8Total 67.9 79.4 47.9 44.3 21.6 21.0
SOURCE: APPEA | Note: includes production from Commonwealth Waters adjacent to each stateor territory and excludes production from the JPDA.
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Production—gas
Australia’s production of natural gas has more than doubledsince 1998. This increase in production has met bothdomestic and international market needs.
Historical Australian natural gas production (mmcf)
SOURCE: APPEA LNG Natural gas from coal seamsDomestic gas
0
1000
2000
1998 2000 2002 2004 2006 2008 2010 2012 2014
Australia has significant quantities of discovered gas resources,many of which remain undeveloped. Opportunities exist to developnew gas projects, including for residential and commercial use,domestic gas processing industries and export sales.
Production of natural gas by state (mmcf)
LNG Domestic gas Natural gas fromcoal seams
2013 2014 2013 2014 2013 2014
NSW - - - - 2.7 4.6NT - - 0.5 1.0 - -Qld - - 96.7 103.3 230.1 220.5SA - - 4.3 - - -
Tas - - 17.3 14.7 - -Vic - - 341.1 338.5 - -WA 887.9 968.8 384.1 383.0 - -Total 887.9 968.8 844.0 840.5 232.8 225.1
SOURCE: APPEA | Note: includes production from Commonwealth Waters adjacent to each stateor territory and excludes production from the JPDA.
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Petroleum exploration
The long-term growth in the Australian oil and gas industrydepends on the level of exploration.
Oil and gas cannot be produced without first locatingnew resources and these cannot be discovered withoutdrilling wells.
The rising cost of oil and gas exploration has coincidedwith a reduction in the number of offshore explorationwells drilled, which has fallen by more than two thirdssince its peak in 1998.
Annual offshore exploration expenditure and activity
SOURCE: ABS 2014, APPEA
0
10
20
30
40
50
Wells spudded Exploration $m
60
70
20011999 2003 2005 2007 2009 2011 2013
0
500
1000
1500
2000
2500
3000
3500
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Australia imports and exports significant quantities of petroleumand petroleum-related products. Australia had a surplus in thetrade of oil and gas until 2003–04, but has been a net importersince that time. Australia is expected to remain a net importer inthe short term, with the increase in LNG and condensate exportssomewhat offsetting the reduction in domestic oil production.
Imports and exports of petroleum products ($ billion)
Economic significanceof the industry — trade
Oil and gas imports and exports 2013–14 ($ billion)
Exports Imports
Crude 11.1 21.9
LNG 16.3 –
LPG 1.3 –Products 0.5 20.5
Bunkers 1.7 –
Total 30.9 42.4
SOURCE: DEPARTMENT OF INDUSTRY AND SCIENCE
SOURCE: DEPARTMENT OF
INDUSTRY AND SCIENCE
1 9 9 9
– 0 0
2 0 0 1
– 0 2
2 0 0 3
– 0 4
2 0 0 5
– 0 6
2 0 0 7
– 0 8
2 0 0 9
– 1 0
2 0 1 1
– 1 2
2 0 1 3
– 1 4
1 9 9 8
– 9 9
2 0 0 0
– 0 1
2 0 0 2
– 0 3
2 0 0 4
– 0 5
2 0 0 6
– 0 7
2 0 0 8
– 0 9
2 0 1 0
– 1 1
2 0 1 2
– 1 3
ImportsLNG exportsExports(excl. LNG)
0
10
20
30
40
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Economic significanceof the industry — taxation
The fiscal framework is a key factor that shapes investmentdecisions in the oil and gas industry. Producers are confrontedwith an array of taxes, charges and fees covering petroleumactivities. Fiscal imposts include resource taxes (includingthe petroleum resource rent tax, petroleum royalties andproduction excise), company income tax and a wide variety of
other taxes, fees and charges. On average, taxes account forjust under half of the industry’s overall level of pre-tax profit.
Estimated petroleum industry profit (before tax)and taxation payments ($ billion)
SOURCE: APPEA FINANCIAL SURVEY
Tax as a percentageof pre-tax profit
Taxes andcharges
Profit plus taxesand charges
0
10
5
15
20
60%
80%
40%
20%
0%
1 9 9 9
– 0 0
2 0 0 1
– 0 2
2 0 0 3
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2 0 0 5
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2 0 0 7
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2 0 0 9
– 1 0
2 0 1 1
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1 9 9 8
– 9 9
2 0 0 0
– 0 1
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2 0 0 4
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2 0 0 6
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2 0 0 8
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2 0 1 0
– 1 1
2 0 1 2
– 1 3
Total payments have averaged around $8 billion per year overthe last five years. Total payments are expected to increasein the coming years as projects currently under constructionstart production.
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Industry investment
The oil and gas industry has traditionally invested amounts thatare greater than its level of profits. Since 1998–99, based on thevalue of total assets, the industry spending on capital investmentis more than double its cumulative profits over the same period.
Asset values and cumulative profits ($ billion)
SOURCE: APPEA FINANCIAL SURVEY
Total industryassets
Cummulative netindustry profit
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100
200
300
1 9 9 9 –
0 0
2 0 0 1 –
0 2
2 0 0 3 –
0 4
2 0 0 5 –
0 6
2 0 0 7 –
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2 0 0 9 –
1 0
2 0 1 1 –
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1 9 9 8 –
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2 0 0 0 –
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2 0 0 2 –
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2 0 0 4 –
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2 0 0 6 –
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2 0 0 8 –
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2 0 1 0 –
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2 0 1 2 –
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The number of projects in the publicly announced and feasibilitystages has fallen for the second year in a row.
LNG, gas, oil major project investment pipeline, October 2014
2013 2014 Change
No. ofprojects
RangeA$ billion
No. ofprojects
RangeA$ billion
Publicly announced* 9 25–27+ 7 1–5+ -2
Feasibility stage 9 105 7 30 -2
Committed 14 195 13 197 -1
Completed 5 0.5 1 0.4
SOURCE: DEPARTMENT OF INDUSTRY AND SCIENCE
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There has been a significant improvement over the lastdecade in the Australian oil and gas industry’s rates ofinjuries and safety performance. In that time, the industryhas experienced rapid growth and new operations.
Total recordable injury frequency rate
(per million hours worked)
SOURCE: APPEA
0
6
3
9
12
15
20011999 2003 2005 2007 2009 2011 2013
Lost time injury frequency rate (per million hours worked)
0
2.0
2.5
1.0
0.5
1.5
3.0
3.5
SOURCE: APPEA
20011999 2003 2005 2007 2009 2011 2013
Safety information10
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Resources
Selected international proven gas reserves and rank 2013 (tcf)
0 300 600 900 1200
Australia (11)
United Arab Emirates (7)Saudi Arabia (6)
United States (5)
Turkmenistan (4)
Qatar (3)
Iran (1)
Russian Federation (2)
Australia’s estimated petroleum resources
C r u d e o i l
C o n d e n s a t e
L P G
C o n v e n t i o n a l
g a s
C o a l s e a m g
a s
S h a l e g a s
T i g h t g a s
T o t a l g a s
mmbbl mmbbl mmbbl tcf tcf tcf tcf tcfEDR 930 1975 932 99 33 – – 132
SDR 325 799 413 57 60 2 – 119
Inferred – – – ~10 111 – 20 141
All identifiedresources 1255 2716 1345 166 203 2 20 391
Resources:identified,potential andundiscovered
1255 2716 1345 227 235 437
SOURCE: GEOSCIENCE AUSTRALIA, DEPARTMENT OF INDUSTRY AND SCIENCE
SOURCE: BP STATISTICAL REVIEW 2014
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EDR economic demonstrated resources
FOB free on board
LNG liquified natural gasLPG liquid petroleum gas
mmcf million cubic feet
mmbbl million barrels
PJ petajoules
SDR sub-economic demonstrated resources
Spudded the process of commencing a well drilling process removingrock, dirt and other sedimentary material with the drill bit
tcf trillion cubic feet
Glossary of terms
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