Oil and Gas in Australia Future Energy Patterns

Average annual growth in consumption of primary energy in Australia over the past ten years has been 5.5% compared to a world average of 4.1%. Over the next ten years growth rate is expected to increase to 6% per annum due largely to the rapid development in the mineral processing industry. By the end of the 1970's natural gas is expected to supply more than 9% of Australia's, primary energy market. Coal will supply 40% and petroleum products 47%. Nuclear energy will make its appearance but-will only make a small contribution in the period. Australia has adequate reserves of natural gas and coal to supply its needs in the 1970's and beyond. However the newly developed reserves of crude, while supplying 60-70% of requirements-in the initial years; will need regular and sizable additions if they are to .keep pace with the expanding consumption. For Australia to become self sufficient in the period 1970-1990 it is estimated *that new discoveries-will need to approximate. ten times the volume of recoverable reserves found in Australia to date. .