Australia's oil production is wavering, but gas output – including coal seam methane – is growing strongly. The Oil and Gas Production industry's revenue is expected to grow at an annualised 3.5% over the five years through 2012-13, to reach $40.7 billion. Industry revenue is forecast to increase by 13.2% in 2012-13 on the back of higher oil prices and increased natural gas output. Crude oil output is expected to increase slightly. The gain will be made despite the introduction of a carbon tax on 1 July 2012. The industry, which is expected to make a net profit of $18.2 billion in 2012-13, will contribute about 2.7% of Australia's GDP.Firms in this industry produce crude oil, natural gas or condensate. They may also treat these products on site to produce liquefied or purified forms of oil and gas.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.