Australia's oil and gas sector is entrepreneurial, innovative, and highly successful, resulting in large investments in Australia by global petroleum companies. The investment in this sector is supported by high quality geoscientific databases and information systems; a strong legal framework; secure mining and petroleum tenement systems

In 2004-05 Australia produced 24,338 ML of crude oil and condensate and 37,267Mm3 of natural gas. Australia’s exports of crude oil and other refinery feedstock stood at $6.33 billion together with exports of LNG valued at $3.2 billion. Australia’s current LNG supply capacity of 11.7 million tonnes per annum is expected to increase to 40 million tonnes per annum by 2015, further demonstrating Australia's investment attractiveness.

By global standards, the Australian oil and gas sector is relatively underdeveloped. Offshore exploration only began in earnest in the late 1960s and Australia still remains under-explored. Our vast sedimentary basins hold significant opportunities for exploration success and there are many reasons for petroleum exploration and development companies to invest in these opportunities.

Besides LNG production facilities, there are other promising investment opportunities to commercialise Australia’s significant natural gas reserves in the form of gas to liquids (methanol, dimethyl ether, ultra clean diesel) and other downstream facilities including the petrol-chemical and fertiliser sectors. Additionally there are opportunities to invest in gas pipelines to distribute natural gas to the domestic market.

Australia’s existing upstream and downstream oil and gas facilities, and considerable future potential, continue to attract new and established players in the services sector to set up operations here. Australia’s proximity to the Asian region provides further incentive to make Australia a regional headquarters.