Australia’s own ‘peak oil’

Resources and energy minister Martin Ferguson has warned the country’s growing dependence on imported energy could reach critical proprtions, speaking at the Australian Petroleum Production and Exploration Association conference in Perth.

“With only about a decade of known oil resources remaining at today’s production rates, Australia is looking down the barrel of a $25bn trade deficit in petroleum products by 2015,” Mr Ferguson said.
“… it is vitally important to encourage exploration in our frontier basins because they are the most likely places where a big new oil province may be discovered.

“Just as it is important for us to continue to examine alternative fuel industries, including the potential to convert some of our vast gas resources to synthetic fuels, like clean diesel.”

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