EnergyQuest forecasts continuing drop despite short-term production boost
A report by energy economics group, EnergyQuest has revealed an alarming drop in Australia's crude oil production.
According to data, production of crude slumped 17 per cent to 100 million barrels in 2009 - its lowest level in four decades.
The group's chief executive, Dr Graeme Bethune, said the long-term trend is for production to keep falling despite some short-term support.
“The recent start-up of BHP Billiton’s Pyrenees oil field and Apache’s Van Gogh field – both situated off Western Australia’s north-west coast - will provide a boost in the short-term, however the long-term trend is for production to keep falling,” Dr Bethune said.
The report said the drop in oil production was due to the maturity of the country's major fields, along with disruptions to maintenance and weather.
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