Australia New South Wales to Become Natgas Boom Region?
From Oil Price
By John Daly
Australia, New South Wales’ lack of a natural gas industry is sparking concerns among businessmen. NSW is the only mainland Australian state without a significant natural gas industry, leaving it to import more than 95 percent of its gas requirements from Victoria’s Gippsland Basin, from the northwest’s Cooper Basin, and from Queensland’s coal-seam gas fields.
As Australia’s natural gas industry prepares to ramp up liquefied natural gas shipments to East Asia, businessmen are arguing that it is time for NSW to develop a robust indigenous natural gas industry in order to cope with future changing supply patterns.
Australia is rich in energy reserves, which include fossil fuels and substantial uranium reserves, and is one of the few Organization for Economic Cooperation and Development members that is a significant net hydrocarbon exporter. According to government sources Australia currently exports over 70 percent of its total energy production.
According to the World Nuclear Association Australia has the world’s largest recoverable reserves of uranium, roughly 31 percent, and is the third largest producer and exporter of uranium for nuclear-powered electricity, behind Kazakhstan and Canada. In 2011 Australia was the world’s second largest coal exporter and the third largest liquefied natural gas exporter in 2012.
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