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Tuesday, 15 October 1974
Page: 1696

Senator YOUNG (SOUTH AUSTRALIA) - My question is directed to the Minister representing the Minister for Minerals and Energy. Following the Minister's statement that Australia has 15 years of petroleum supplies in reserve, based on present known quantities, can the Minister state the basis for his calculations? Did he take into consideration the problem of maintaining present production rates when some wells and fields are 80 per cent to 85 per cent depleted? I point out that this applies also to the extraction of condensates in gas fields. With the change in the Government's resources policy, can we now expect to see some encouragement in the exploration for and exploitation of hydrocarbons in both the on-shore and offshore areas of Australia?

Senator WRIEDT (TASMANIA) (Minister for Agriculture) -I ask that the question be placed on the notice paper to allow the Minister for Minerals and Energy to reply in detail.

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