An international oil and gas conference on Queensland's Gold Coast is hoping to find ways to increase Australian production and encourage more exploration.
Australia consumes about 700,000 barrels of oil a day, but produces only 500,000.
At current rates it could be producing just one-third of what the country will need in 2015."
"The decline in production is one of the main factors behind the current high petrol prices."
"The Australian Petroleum, Production and Exploration Association (APPEA) warns the crisis is only going to get worse.
APPEA chief executive Belinda Robinson says oil production is declining rapidly."
"To the extent where we are producing the equivalent of about 80 per cent of what we consume," she said.
"Now we're down to around 65 per cent and all the predictions are that we'll have a production deficit of around 70 per cent by 2015.
"In other words, we'll be down to producing the equivalent of around 30 per cent of what we consume.
"One of the big issues for the future is to try and stem that production decline by investing more heavily in exploration."
Over the next decade, without further exploration, APPEA predicts the declining oil production could add up to $20 billion to Australia's trade deficit.
What a load of CROCK!
We currently produce most of our own oil and actually SELL much of what we produce to other markets as the sort of oil we have is not necessarily suitable for the production of petroleum.
We have huge oil fields that are being opened in the Timor Straits where once again we will be in a position to enjoy the benefits of having a relatively NEW oil supply at a time when others are running out of this startegic material.
We have a HEAP of interests in the Antarctic where many people also suspect that there is oil just waiting to be found and we have a unique opportunity to convert much of the coal that we own to oil and oil based products!
Exploration
Because oil is a globally traded commodity, it is often cheaper for companies to explore overseas.
Beach Petroleum managing director Reg Nelson says companies need to be encouraged to explore.
More incentives? You HAVE to be kidding!
When oil is costing the consumer more each day and there is a huge windfall for the oil companies they still want incentives?
"There's a whole range of issues there that we'd hope the Government would see scope to provide more incentives," he said.
"There could be tax incentives, there could be encouragement for what the industry has been looking for - flow through shares so that any tax deductions go through to individual investors.
"These things are done elsewhere in the world, that would be a great shot in the arm for Australia if that were to happen."
Pete's Points:
I simply do NOT believe this article - or more to the point the sheer indulgence of the oil companies in their claims.
At present we seem to be producing better than 2/3 of our own oil requirements and yet with oil being a 'global commodity' we are paying world prices for the oil we use.
Never in the history of the world have oil prices been so hight and yet the industry wants MORE taxpayer subsidy to explore for oil when it is already cashing in on a glut of money that is flowing into its coffers.
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