Australia Oil and Gas Market Report and Forecast 2024-2032

Australia Oil and Gas Market Size

The Australia oil and gas market reached a volume of 157.61 thousand barrels in 2023. The market is further projected to grow at a CAGR of 1.3% between 2024 and 2032, reaching a volume of 177.74 thousand barrels by 2032.

Key Takeaways

• In 2018-19, oil was the largest primary energy source in Australia, contributing nearly 39% of all energy consumed.

• In 2020, Australian petroleum liquids production increased slightly to 169 million barrels, up 2% compared to 2019.

• The country produces and exports liquefied natural gas (LNG), crude oil, and condensate. In January 2024, Australia produced approximately 450 million litres (ML) of crude oil. During the same period, Australia exported 9,135 million cubic meters of LNG.

The increasing demand for natural gas, coupled with infrastructural developments, plays a significant role in driving the Australia oil and gas market growth. In 2019, Natural gas provided 26% of primary energy in the country. Secondly, governmental support through incentives and favourable policies contributes to the market's expansion.

Examples of such support include the Australian government allocating USD 28.8 million to Empire Energy over three years, record-breaking fossil fuel subsidies amounting to USD 57.1 billion for projects like carbon capture and storage, coal railways upgrades, and gas fields development, the development of a Future Gas Strategy to guide the industry's future, and Australia's commitment to ending international financing of fossil fuels within the OECD.

The midstream segment, involving the transportation and storage of crude oil, natural gas, and refined products, is expected to witness significant Australia oil and gas market share. This growth is driven by increased production, efficient pipeline infrastructure, and the country's status as a top LNG exporter, impacting market dynamics and enhancing transportation capabilities.

Australia's shift towards cleaner energy sources, including natural gas, to reduce emissions is further guiding the Australia oil and gas market growth. The growth in natural gas production and consumption, driven by industrial demand and energy security, reflects a significant trend shaping the market and influencing energy generation practices.

Onshore drilling in Australia involves extracting oil and gas reserves from land-based locations. This segment is crucial for tapping into inland resources and contributes significantly to the country's energy production. Offshore drilling involves extracting oil and gas reserves from beneath the seabed. Australia has substantial offshore reserves, particularly in regions like the Northwest Shelf and the Timor Sea. Offshore drilling plays a vital role in the country's oil and gas industry, contributing to both domestic consumption and export activities.

Australia Oil and Gas Market Report Snapshots

Australia Oil and Gas Market Size

Australia Oil and Gas Companies