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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Biomaven who wrote (186948)	12/6/2014 6:03:58 PM
From: Elroy Jetson	2 Recommendations Recommended By dvdw© JimisJim Read Replies (1) \| Respond to of 206097

Oil production in Gippsland and other southern Autralian fields are long in the tooth. Production in the northern Australian shelf is mostly gas with virtually all oil production being exported, excepting a small amount used by the Kwinana refinery in WA. I wouldn't expect to see a new Australian crude field as most new northern fields primarily yield natural gas. This with the over-priced Australian Dollar which made fuel quite cheap, has led to Australia being a net crude oil importer since 2003. Even with a reduction in consumption, Australia will continue to be a net exporter of natural gas but a net importer of crude oil. The production and consumption paths of refined products in Australia can appear to be lacking in common sense, owing to refinery ownership and long-term contracts. The Cal-Tex refinery in Sydney processes crude oil imported from Malaysia and exports most of these refined products to Pacific markets, including California during peak driving season and during scheduled refinery shut-downs. While the Sydney refinery exports refined products made from Malaysian crude, much of the refined products sold within Australia are sourced from Singapore refineries which, although minutes from Malaysia, primarily refine crude from the Middle East. I suspect the Exxon-Mobil refinery in Melbourne processes primarily local Australian crude, but there might be a surprise there as well. If and when contracts expire, the details of this odd ballet could change quickly.