Australian 1Q09 Oil Output Up 4.8% On Year - EnergyQuest
June 03 2009 - 3:09AM
Dow Jones News
Australia's oil production in the three months to March 31 rose
4.8% on year to 27.6 million barrels from 26.3 million in the
previous corresponding period, advisory group EnergyQuest said
Wednesday.
Crude output was boosted by the start of production at the
Vincent oil field and higher output from Enfield, both of which are
joint ventures between Woodside Petroleum Ltd. (WPL.AU) and Mitsui
& Co. Ltd. (8031.TO), as well as higher output from the
Gippsland joint venture between BHP Billiton Ltd. (BHP.AU) and
Exxon Mobil Corp. (XOM).
Liquefied natural gas production for the quarter climbed 22.7%
on year to 3.61 million metric tons from 2.9 million tons last
year, largely due to the contribution of the fifth processing train
at the North West Shelf joint venture.
EnergyQuest Chief Executive Graeme Bethune said the global
downturn was hitting gas markets with demand falling across the
board and prices moving lower.
However, despite the drop in prices and demand there has been no
let up in Australian gas project activity, with LNG projects based
on coal seam gas in Queensland state continuing to progress.
"Companies are clearly looking through the downturn to the
economic recovery," Bethune said.
-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094;
alex.wilson@dowjones.com