The Minister for Resources and Energy, Martin Ferguson AM MP, has released the latest analysis of Australia's energy production, which highlights Australia's abundant energy resources.
The Australian Government's Energy in Australia 2010 is a comprehensive analysis of Australia's energy production and consumption performance as well as the sector's national economic significance.
The report says the value of Australia's energy exports has increased throughout the past two decades at an average annual rate of 10 per cent and in just the five years to 2008-09, the value of Australia's energy exports increased 232 per cent.
Minister Ferguson launched Energy in Australia 2010 at a conference in Sydney organised by the American Chamber of Commerce. The report shows:
- Australia now exports more than three-quarters of the energy products we produce;
- Energy exports accounted for 33 per cent of Australia's total exports of goods and services in 2008-09;
- Australia's known energy resources are expected to last for many more decades with the proportion of economic demonstrated reserves to current production estimated at 490 years for brown coal, 90 years for black coal, 140 years for uranium, 63 years for conventional gas, and 100 years for coal seam methane;
- Australia accounts for around one-third of world black coal trade and that coal is Australia's largest energy export earner ($55bn in 2008-09), followed by LNG and crude oil; and,
- Australia's identified conventional gas resources have increased threefold over 20 years.
Minister Ferguson said: "Australia is very well positioned to continue supplying a significant proportion of the world's energy needs while maintaining domestic energy security.
"Securing access to affordable, reliable and clean energy is a challenge all countries share and Australia recognises the important role we play in our region as a valued and trusted supplier of resources and energy. Australia is in fact one of only three net energy-exporting OECD countries, the others being Canada and Norway - so we are part of a very small club and our role and our assets in global energy supply should not be under-stated.
"Australia needs to prepare for the possibility of a sustained expansion of the resources sector and this is why the Government is making targeted investments in export infrastructure bottlenecks, skills and labour needs, and the opening up of future resource provinces to help meet the growing demand from our trading partners."
Energy in Australia 2010 is available at www.ret.gov.au.