Australia to power ahead on gas projects

Australia is set to become a global energy powerhouse on the back of massive gas developments planned for the next decade such as the $50 billion Gorgon project.

The latest analysis from energy advisory firm EnergyQuest reveals that Australian gas production rose nearly 5 per cent to touch a record high of 1,779 petajoules in the 2008-09 financial year.

But that amounts to just a fraction of the estimated 200,000 petajoules of 200 trilllion cubic feet of the fossil fuel proven reserves onshore and offshore.

According to energy advisory firm EnergyQuest chief executive Graeme Bethune, the size of Australia' gas reserves means further strong growth in the country's LNG exports may be expected. 

He said that Australia would emerge in the very near future as among the top 10 countries globally measured by the size of its gas reserves.

He added that while Australian gas reserves are not quite as big enough as those of the Middle East which has 2700 trillion cubic feet of proven reserves, its potential to be one of the world's major gas producers was undeniable.