Australia's Potential for Petroleum
The viability and direction of future exploration for petroleum in Australia appear to have been set, particularly by the results of the petroleum industry's endeavours over the past four years. The limited local markets for the abundance of natural gas, with which Australian basins are characterised, will control the direction and rate of exploration for many years. Even so, the local markets for petroleum should provide a continued incentive to search for oil. The Gippsland Basin is at a mature stage of exploration, and a replacement for it is still required in order that Australia maintain its present position of supplying the bulk of its needs for crude oil into the 1990s. Sectors of the Timor Sea are the most likely areas of relatively untested continental shelf to produce the requisite large fields. The previously disregarded Mesozoic plays of the Eromanga Basin hold promise for continued small discoveries that cumulatively may provide a substantial contribution to the nation's needs. The Canning Basin is the most promising of the still generally non-productive basins, but realisation of its potential will be expensive.