Bungee jumping: a man falls, just like production in Australia
Production tumbles in Australia
Australian petroleum production dropped 5.1% in the first quarter to 106 million barrels of oil equivalent compared with the same time last year, while coalbed methane (CBM) production jumped 38.4% over the same period.
Production slowed due to lower production of crude and natural gas liquids, reflecting more severe cyclone activity, natural field decline and equipment failure, energy economics group Energy Quest reported.
CBM production hit a new record of 915 million cubic metres for the January to March quarter, bringing the total production to 3.28 billion cubic metres for the 12 months to March, said Quest.
Liquefied natural gas production fell slightly, by 1.3% to 3.6 million tonnes for the quarter.
Oil production fell by 11.7% to 26.6 million barrels in the quarter, despite the strong performance of BHP Billiton’s new Stybarrow oilfield off Western Australia.
Oil output fell in all Australia’s major producing basins, with the exception of the Cooper basin which lies onshore South Australia and Queensland, recording a 24.1% growth in production.