Introduction to oceanian oil.
Oil exploration started in early years 1900 but was little fruitful till the years 1960 when Gippsland main producing basins were discovered. Gippsland is located southeast between Australian coasts and Tasmania, near Victoria region, that of Dampier, located on northwest coast of the region of west Australia, offshore, and that of Cooper, located center-east country, onshore.
The most prolific of these basins is Gippsland basin. It represented the major part of the production till the middle of the years 1980 (500 000 barrels/day) but is now on the decline.
Australia proved reserves amount to 3.2 billion oil barrels in 2010.
The total production of the country was slightly over 800 000 barrels oil a day in the year 2000 but declined very rapidly. Moreover, the oil domestic demand of the country is growing. Australia has become really an oil importer since 2002. In 2004, it could be self-sufficient up to 85 % only.
In 2010, it produces 590 000 barrels a day and with a consumption amounting to 715 000 barrels. As per estimates, it is likely to happen that, in 2020, it can produce only 20 % its domestic requirements.
The Austral-Timorese conflict:
Note the conflict between Australia and East Timor. East Timor is located 400 kilometers away north Australian coasts, in Timor Sea, situated east border of Indonesia, the capital city of which is Dili, the independence of which was recognized officially on 20 May 2002. The reason of this conflict with Australians was the oil field called Sunrise.
The Australian government hurried up signing TST (Timor Sea Treaty) with Dili. This offered 80 % production to Australians. People revolted and a new agreement broke the former one, ceding equitably (50 % each) the incomes from the hydrocarbon production of Sunrise field in 2005.