Oil Crisis Down Under

While Australia’s natural resource-based economy has enjoyed tremendous growth along with the rebound in commodity prices worldwide, the country’s oil production continues to decline at a staggering pace. The country’s production peaked at 805,000 barrels of oil per day (bopd) in 2000 and only averaged 490,000 bopd in the first 10 months of 2004 (Source: US Department of Energy). I expect Australia’s oil production to continue to drop further in 2005 due to the lack of major new projects scheduled to come online …

In this issue, I will examine many of the reasons behind Australia’s precipitous oil production decline, how the country is coping with the issue and most importantly, what it means for energy investors … [continued]
See also :

1. China may have peaked 3Q2004 (20050125)
2. Peak Gas, Canada (20041224)
3. Peak Oil, Oman (20041207)
4. Norway about to peak (20041029)
5. Peak Oil, Australia (20040711)
6. “North Sea production … peaked in 1999″ (20040607)
7. Indonesia Becomes A Net Crude Oil Importer (20040520)

http://www.post1.net/page/lowem/20050204#oil_crisis_down_under