Australia's total crude oil and condensate production is poised to fall
5% year on year to 26.4 gigaliters in year ending June 30, 2010, the
Australian Bureau of Agricultural and Resource Economics said Tuesday.
The decline in fiscal 2010 is due to lower output from the Woollybutt and
Stybarrow oil fields offshore Western Australia due to scheduled maintenance
and flooding in the Cooper Basin in the center of the country, ABARE said in
its June quarter Australian Commodities report.
However, the bureau noted the fall was partially offset by the startup of
the Pyrenees and Van Gogh fields offshore Western Australia over February-
March, which have peak production capacities of 96,000 barrels/day and 60,000
b/d, respectively.
Flooding in central Australia affected production in the Cooper Basin
during the March quarter 2010 and throughout April, resulting in a 31% decline
in the March quarter from the December quarter.
While some oil fields have resumed operations, the flooding is expected
to continue to affect production throughout 2010, ABARE said.
For the year ending June 2011, ABARE expects Australia's oil production
to increase by around 7% to 28.3 gigaliters, supported by ramp-ups at Pyrenees
and Van Gogh.
It also noted oil production is scheduled to begin in the Kipper and
Turrum fields in the Bass Strait offshore southeastern Victoria in early 2011,
which have capacities of 10,000 b/d and 11,000 b/d, respectively.
Australia's crude oil exports are estimated to decline slightly to 16.3
gigaliters in fiscal 2010, assuming much of the production from fields in the
Bonaparte and Carnarvon Basins offshore northwestern Australia is exported,
given their proximity to Asian refineries, ABARE said.
In fiscal 2011, Australia's crude oil exports are forecast to increase
6.8% to 17.4 gigaliters, in line with higher production.
The value of Australia's crude oil and condensate exports is estimated to
fall slightly in fiscal 2010 to A$8.5 billion ($7.5 billion), with high
oil prices being offset by lower export volumes and an appreciation of the
Australian dollar, ABARE said.
In fiscal 2011, the value is forecast to increase 7% to A$9.1 billion,
underpinned by higher export volumes and higher global oil prices.
LNG EXPORTS TO RISE 13% IN FISCAL 2010
Australia's LNG exports are estimated to increase 13% to 17.5 million mt
in fiscal 2010, reflecting a full year of operation of the North West Shelf's
fifth train, ABARE said.
In fiscal 2011, exports are forecast to increase a further 3% to 18
million mt, due to the scheduled startup of Woodside Energy's Pluto project in
early 2011, which will increase Australia's LNG exporting capacity by 4.3
million mt/year.
The value of Australia's LNG exports is estimated to fall 24% to A$7.6
billion in fiscal 2010, mainly reflecting lower prices compared with fiscal
2009, and increase slightly to A$7.7 billion in fiscal 2011, due mainly to
the expected small increase in export volumes, ABARE said.
Australia's overall earnings from energy and minerals exports are
forecast to jump 28.5% to A$169.8 billion in fiscal 2011 from an estimated
A$132.2 billion in fiscal 2010, ABARE said.
"[This] mainly reflects the significant increases in recently negotiated
contract prices for coal and iron ore and the forecast higher export
shipments," ABARE deputy executive director Paul Morris said in a media
statement accompanying the report.
Australian mine production is forecast to rise 8.4% year on year in
fiscal 2011, with expected increases in both energy and mineral output.
5% year on year to 26.4 gigaliters in year ending June 30, 2010, the
Australian Bureau of Agricultural and Resource Economics said Tuesday.
The decline in fiscal 2010 is due to lower output from the Woollybutt and
Stybarrow oil fields offshore Western Australia due to scheduled maintenance
and flooding in the Cooper Basin in the center of the country, ABARE said in
its June quarter Australian Commodities report.
However, the bureau noted the fall was partially offset by the startup of
the Pyrenees and Van Gogh fields offshore Western Australia over February-
March, which have peak production capacities of 96,000 barrels/day and 60,000
b/d, respectively.
Flooding in central Australia affected production in the Cooper Basin
during the March quarter 2010 and throughout April, resulting in a 31% decline
in the March quarter from the December quarter.
While some oil fields have resumed operations, the flooding is expected
to continue to affect production throughout 2010, ABARE said.
For the year ending June 2011, ABARE expects Australia's oil production
to increase by around 7% to 28.3 gigaliters, supported by ramp-ups at Pyrenees
and Van Gogh.
It also noted oil production is scheduled to begin in the Kipper and
Turrum fields in the Bass Strait offshore southeastern Victoria in early 2011,
which have capacities of 10,000 b/d and 11,000 b/d, respectively.
Australia's crude oil exports are estimated to decline slightly to 16.3
gigaliters in fiscal 2010, assuming much of the production from fields in the
Bonaparte and Carnarvon Basins offshore northwestern Australia is exported,
given their proximity to Asian refineries, ABARE said.
In fiscal 2011, Australia's crude oil exports are forecast to increase
6.8% to 17.4 gigaliters, in line with higher production.
The value of Australia's crude oil and condensate exports is estimated to
fall slightly in fiscal 2010 to A$8.5 billion ($7.5 billion), with high
oil prices being offset by lower export volumes and an appreciation of the
Australian dollar, ABARE said.
In fiscal 2011, the value is forecast to increase 7% to A$9.1 billion,
underpinned by higher export volumes and higher global oil prices.
LNG EXPORTS TO RISE 13% IN FISCAL 2010
Australia's LNG exports are estimated to increase 13% to 17.5 million mt
in fiscal 2010, reflecting a full year of operation of the North West Shelf's
fifth train, ABARE said.
In fiscal 2011, exports are forecast to increase a further 3% to 18
million mt, due to the scheduled startup of Woodside Energy's Pluto project in
early 2011, which will increase Australia's LNG exporting capacity by 4.3
million mt/year.
The value of Australia's LNG exports is estimated to fall 24% to A$7.6
billion in fiscal 2010, mainly reflecting lower prices compared with fiscal
2009, and increase slightly to A$7.7 billion in fiscal 2011, due mainly to
the expected small increase in export volumes, ABARE said.
Australia's overall earnings from energy and minerals exports are
forecast to jump 28.5% to A$169.8 billion in fiscal 2011 from an estimated
A$132.2 billion in fiscal 2010, ABARE said.
"[This] mainly reflects the significant increases in recently negotiated
contract prices for coal and iron ore and the forecast higher export
shipments," ABARE deputy executive director Paul Morris said in a media
statement accompanying the report.
Australian mine production is forecast to rise 8.4% year on year in
fiscal 2011, with expected increases in both energy and mineral output.
