Australia has a unique position in the world’s natural resources economy. Its geographic size is remarkably immense and houses a wide range of resources including coal, uranium and natural gas among others. As a member of the Organisation of the Economic Cooperation and Development group (OECD) it has a responsibility to improve the economic and social well-being of people around the world.
As a leading designer and manufacturer of energy metering solutions, we thought it would be interesting to look at the unique way Australia is made of different energy industries and their outlook for the future.
This is the first part of our two part series focusing on Coal and Oil. We will look at Natural Gas and Nuclear Energy in the next instalment.
Australia, the world’s largest exporter of coal, continues to grow its production capabilities. Accounting for an impressive 60% of global annual coal supply, Australia ranks fourth in world production with a 34% growth over two decades.
Queensland and New South Wales are where the majority of black coal deposits are found in the country, which is then used for power generation and exportation. For domestic electricity generation, the brown coal deposits mainly found in Victoria, Western Australia, South Australian and Tasmania are used.
The comparatively new process of extracting Coal Seam Gas (CSG) is continuing to receive new investments in Australia, with $31 billion invested in local projects. This continues to exceed investments made in the technology made overseas and will increase production into the future.
It is currently estimated that there is approximately one decade’s worth of oil in the known oil fields across Australia given today’s consumption rates. However, exploration for new oil reserves continues off shore with the potential for new reserves still ahead.
The pressure and demand for oil continues unabated as it is used in nearly everything used in the modern world: from the petrol in your car and the asphalt in the road it travels on, to fertilizers, pharmaceuticals and makeup. As demand increases, so does interest in finding new avenues of supply.
Australia’s oil reserves are found all across the country, with the major mature oil fields located in every territory except South Australia and the A.C.T.
MetSolv always keep a close eye on the energy industry – it is part of what makes our energy metering equipment reliable, cost-effective and built to last. Contact us to find out more about what MetSolv can do for your business.
Keep an eye out for part two of our overview of Australia’s Oil, Gas and Energy Industry.