Australia is the world’s 9th largest energy producer and one of only three net energy exporting countries belonging to the OECD group of developed nations. Recent weak Asian demand has weighed heavily on Australia’s economy, to which the bulk of Australia’s exports of coal, gas and iron ore are destined reports Sydney Morning Herald, June 2015.
Australia has the largest proven gas reserves in the Asia-Pacific region, amounting to some 43 Trillion Cubic Feet (TCF) reports EIA Country Analysis, August 2014. Most of the conventional natural gas reserves, some 92 percent, are located in the North West Shelf in the Carnarvon and Browse basins in north Western Australia and the Bonaparte basin shared between Australia and East Timor, the Gippsland and Otway basins in South East Victoria Province and the Cooper-Eromanga basin in central Australia. See Figure 2. In addition to natural gas, Australia had an estimated 33 TCF of commercially viable reserves of coal seam gas (CSG) in 2012, principally located in North East Queensland Province in the Bowen and Surat basin, which attracted a huge A $31 billion dollar investment in 2010.