[Graeme]

Australian Natural Gas - How Much Do We Have And How Long Will It Last ?

How Much Gas Do We Have ?

As at 1 January 2005, Australia’s Category 1 and 2 reserves totalled around 144 trillion cubic feet (tcf), according to the Geoscience Australia report, a slight decline on the previous year.

According to the Financial Times (quoting PFC Energy), Australia has so far produced only about 15 per cent of its gas resources, compared with 25 per cent for Norway and more than 80 per cent for the US’s lower 48 onshore reserves. Whereas US production has peaked (and Norway’s is expected to peak within a matter of years) Australian production is expected to expand until 2030.


3. "Unconventional" gas sources, Coal Seam Methane and Shale Gas

The real X-factor for gas production in Australia is unconventional gas sources, in particular coal seam methane and gas from shale. As both coal and shale are plentiful (and likely to remain so for some time), these are likely to provide significant quantities of gas.

Coal seam methane, on the other hand, is now the focus of a boom in Queensland. As there has been so much activity in the area lately (and reserves numbers are so vague) I'll make this the subject of a separate post - and re-run the scenarios based on various estimates of CSM potential.

peakenergy

[Graeme]

At the beginning of the above article, there is an assessment of the natural gas reserves in NZ. Here is a recent report about production from the Maui reservoir.

Maui gas field enters 'twilight' zone

Shell New Zealand country chairman Rob Jager was involved with the Maui gas field even before it started production 30 years ago.

He now leads the company in the "twilight" of Maui production, but from now on, the days of cheap gas are over with prices jumping to market levels.

While Maui is in the "twilight" of its production, it is not done yet. The Maui joint venture partners, including Shell with 83.75 per cent, are spending about $60m to further extend the field's life, aiming to unlock large pockets of remaining gas. The easy stuff from the field is gone, but closing the field could be another five to 10 years away, Mr Jager said.

stuff