APPEA: Australia needs to find new offshore oil

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Australia needs to take urgent steps to find new offshore oil not to become too dependent on fuel imports 10 years from now, the Australian Petroleum Production & Exploration Association (APPEA) said in a new report published on Friday.

Just a few days before that BP announced it was quitting a US$600-million drilling operation in the Great Australian Bight. As the company’s Australian managing director for exploration and production, Claire Fitzpatrick, explained the project did no longer correlate with BP’s “strategic goals.” Analysts suppose there may be still other reasons for such a move. They are strong public opposition to drilling for oil in the pristine Bight, and several regulatory delays, including two rejections from Australia’s National Offshore Petroleum Safety and Environmental Management Authority.

In Australia oil was the primary energy source with 45 percent of refined products met by imports. Earlier this month the Office of the Chief Economist published a report showing that the country is increasing its reliance on imported oil, which is now accounted at 85 percent.