Does Bass Strait still produce oil?

Bass Straight oil production still amounts to between 17% – 19% of Australia’s oil and 42% of LPG. There are now 21 offshore platforms and installations in Bass Strait, which feed a network of 600km of underwater pipelines.

How much oil is in the Bass Strait?

three billion barrels
For more than 30 years Bass Strait has been Australia’s premier oil and gas production area, supplying the nation with more than three billion barrels of oil and over three trillion cubic feet of gas.

What happened Bass Strait oil?

Global energy major ExxonMobil has abandoned plans to sell its stake in the giant Bass Strait oil and gas fields off the coast of Victoria, more than a year after putting the assets on the market.

How much gas is in Bass Strait?

5 trillion cubic feet
Since production started in 1969 Bass Strait has delivered more than 3.5 billion barrels of oil and 5 trillion cubic feet of gas.

Has Australia got any oil wells?

There are currently no identified contingent shale oil, coal oil or tight oil resources in Australia.

Does Australia have its own oil wells?

Australia has about 0.3 per cent of the world oil reserves. Most of Australia’s known remaining oil resources are condensate and liquefied petroleum gas (LPG) associated with giant offshore gas fields in the Browse, Carnarvon and Bonaparte basins.

Who owns the Bass Strait?

The Bass Strait joint venture is co-owned and operated by Exxon Mobil Corp, which has also put its 50% stake up for sale.

Who owns Bass Strait?

Where does Australia get there gas from?

Conventional natural gas in eastern Australia is currently produced in a number of fields in the Gippsland, Otway, Cooper, Bass and Surat-Bowen basins. Conventional natural gas is also produced from the Carnarvon and Perth basins in Western Australia and the Bonaparte basin in the Northern Territory.

Who owns bass gas?

The Bass Strait joint venture is co-owned and operated by Exxon Mobil Corp, which has also put its 50% stake up for sale. Analysts have estimated the 50% stake could fetch up to $3 billion.

Does New Zealand have oil?

New Zealand’s locally-produced oil is generally exported because of its high quality and therefore high value on the international market. Australia buys most of this oil. The Middle East tends to be our largest source of crude oil — over half generally comes from there.

Does Russia supply Australia with oil?

However, Australia doesn’t really buy oil from Russia. Last year, we imported just 1.2% of our total oil from the country currently being hit by global sanctions, including a block on oil and gas purchases. Therefore, the war in Europe shouldn’t really have a massive knock-on effect on the price of our petrol.