APPEA Key-Stats15 Web

8/19/2019 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


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

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2 0 0 5

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2 0 0 9

– 1 0

2 0 1 1

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– 1 4

1 9 9 8

– 9 9

2 0 0 0

– 0 1

2 0 0 2

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2 0 0 4

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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

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2 0 0 9

– 1 0

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– 9 9

2 0 0 0

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2 0 0 8

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2 0 1 0

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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

0

100

200

300

1 9 9 9 –

0 0

2 0 0 1 –

0 2

2 0 0 3 –

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2 0 0 5 –

0 6

2 0 0 7 –

0 8

2 0 0 9 –

1 0

2 0 1 1 –

1 2

1 9 9 8 –

9 9

2 0 0 0 –

0 1

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2 0 0 6 –

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2 0 0 8 –

0 9

2 0 1 0 –

1 1

2 0 1 2 –

1 3

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

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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


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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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Documents

APPEA Key-Stats15 Web