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Needed: Another Kingfish Oilfield Every Two Years



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MEW; 0^I1(L[1/S\©B BY THE MINISTER FOR NATIONAL DEVELOPMENT

N . D . 8$

Incl. in Parlinfo

//*,

NEEDED : ANOTHER ICIMGFISH OILFIELD EVERY TWO YEARS

A u s t r a l i a would need to f i n d t h e e q u iv a le n t of a

K in g f is h o i l f i e l d ev ery two y e a r s f o r t h e n e x t 20 y e a rs ' "

t o m a in ta in t h e 70 p e r c e n t s e l f - s u f f i c i e n c y in crude o i l

e x p ected a t th e end of 1971, t h e M i n i s t e r f o r N a tio n a l

Development (Mr. Swartz) s a id to d a y .

Compared w ith p r e s e n t r e c o v e r a b le r e s e r v e s of 1,500

m i l l i o n b a r r e l s in o f f - s h o r e G ippsland f i e l d s , a f u r t h e r

10.000 m i l l i o n b a r r e l s needed to be proved, K in g f is h

r e s e r v e s were e s tim a te d a t j u s t over 1,000 m i l l i o n b a r r e l s .

"C u rren t Bass S t r a i t crude p r o d u c tio n from th e

H a lib u t and B a r ra c o u ta f i e l d s i s 200,000 b a r r e l s a day, o r

about 40 p e r c e n t o f r e q u i r e m e n t s , M r . Swartz s a i d . "Adding

50.000 b a r r e l s a day from Barrow I s l a n d (W.A.) and Moonie

( Q l d . ) , l o c a l p ro d u c tio n i s c u r r e n t l y m eeting 50 p er cen t of

r e q u ir e m e n ts .

" K in g f is h i s e x p ected t o be in p r o d u c tio n n e x t y e a r .

Bass S t r a i t o u tp u t i s e x p ected to r e a c h 330,000 b a r r e l s a

day by l a t e 1971, w ith K in g f is h c o n t r i b u t i n g about 200,000

b a r r e l s .

• "A ccording to t h e l a t e s t s i t u a t i o n a l review by th e _

F u e l Branch of my D ep artm en t, l o c a l crude p r o d u c tio n a t t h a t

tim e should be about 70 p e r cen t of n e ed s.

"But A u s t r a l i a n m arkets f o r p e tro leu m p ro d u c ts a re

ex p ected to r i s e a t s i x to . seven p e r cen t a year., so to keep

pace, o i l e x p lo r e r s w i l l have to e s t a b l i s h p r e s e n t r e s e r v e s

alm ost seven tim e s over in t h e n e x t 20 y e a r s . "

CANBERRA ·

3rd November, 1970.