WA rides petroleum wave

PETROLEUM is emerging as WA’s single most important commodity.

Buoyant oil prices and high levels of investment in production and exploration are continuing to underpin the industry.

Petroleum was worth almost $5 billion to WA last year – about 29 per cent of the State’s resources sector production and 8 per cent of its total output of goods and services.

According to the Department of Resources Development report WA Oil & Gas Industry 2000, last year WA produced 91.6 million barrels of oil worth $2.5 billion and 23.3 billion cubic metres of natural gas – 60 per cent of Australia’s total gas production.

A total of fifteen new oil and gas discoveries were made, four new petroleum projects were commissioned and formal approval was given for the development of the Legendre oil field.

To further the cause of the industry, the Department of Minerals and Energy has released WA Onshore Petroleum Opportunities 2000, a booklet that highlights the vast onshore prospectivity of WA.

The onshore petroleum prospective area of WA is twice the size of Texas.

Oil and gas fields have already been discovered in the Canning Basin, which is the size of France, as well as the Perth and Carnarvon basins.

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