Oil and Gas
Western Australia is set to become the world’s second largest exporter of Liquefied Natural Gas by 2020. The state is home to an estimated 126 trillion cubic feet of natural gas and the volumes from new discoveries are far outstripping current production levels. In 2010 more than eight trillion cubic feet of gas was discovered in WA, and of this, only one trillion cubic feet was produced, providing for extensive future stockpiles.
Western Australia is also home to the world’s largest LNG Project, Gorgon, which is located on Barrow Island north of the state. The Gorgon Project will produce 15 million tonnes of LNG per year. That’s enough to fill Wembley stadium 17,000 times.
Western Australia has a strong track record for implementing multi-billion dollar oil and gas projects. The state dominates Australian petroleum production, accounting for 69 per cent of natural gas, including LNG feedstock, 95 per cent of oil and condensate production and about 89 per cent of national LNG exports. In August 2011 Chevron Australia made its final investment decision on the A$29billion Wheatstone LNG project off the Pilbara coast near Onslow, and construction began in November 2011.
The 2011 Fraser Institute’s Global Petroleum survey ranked Western Australia as the 17th most attractive global investment jurisdiction in the world.
There are more than 20 international oil and gas companies with offices in Perth. They include Chevron, Woodside, Shell, ExxonMobil and Total.
Key facts 2011
Value of mineral and petroleum industry: A$101 billion
Value of crude oil and condensate production: A$12 billion
Value of LNG production: A$9 billion
Value of committed oil and gas projects: $81billion
Value of planned oil and gas projects: $93 billion
Western Australia was chosen as the location for the world’s first floating LNG facility, Prelude. The facility will be 468 metres long, the length of six and a half Boeing 747s.
Click here to access the latest information on mineral, resource and energy projects in Western Australia, and here to view a map of projects in Western Australia (March 2012).
