Companies / Australia
Oil On the Up Down Under
November 2006 | Industry NewsAustralia's crude oil output increased in Q3 2006 to the highest level for nearly three years thanks to the start-up of domestic producer Woodside Petroleum's Enfield project and a growth in production levels from the Cossack field. According to Australian consulting firm EnergyQuest, crude production hit 35.4mn barrels in Q3, having risen from a low of 23.9mn barrels in Q1. This has cut Australia's petroleum trade deficit from AUD3.2bn in Q2 to AUD1.3bn (US$1bn) in Q3. Such a dramatic reduction demonstrates the degree to which Australia is dependent on a small number of fields offshore the west coast for its
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