Australia's crude oil and condensate production fell to 5,313 megaliters (33.42 million barrels or 371,300 b/d) in the quarter to March 31, 2011, down 17% from 6,432 ML over October-December 2010, according to latest government statistics released Wednesday by the Australian Bureau of Agricultural and Resource Economics and Sciences.
The decline in production was mainly due to cyclone-related disruptions in the northwest of Australia and the shut-in of some of the North West Shelf joint venture oil fields to undertake redevelopment work and the replacement of the Cossack Pioneer floating production, storage and offloading facility. Maintenance at a number of oil fields also contributed to lower production, ABARES said.
Exports of crude oil and condensate declined by 26% quarter on quarter to 4,029 ML in the March period. The significant fall was due to disruption to production due to cyclones in the northwest, from where most crude output is exported to refineries in Asia.
The value of Australia's crude exports declined 12% to A$2.63 billion ($2.8 billion) in the March quarter, as the reduction in volumes was only partly offset by an increase in oil prices.
Australia's natural gas production in the quarter decreased by about 3% compared with the December quarter to 11.043 billion cubic meters, with adverse weather conditions affecting production at Barrow Island off Western Australia.
Exports of LNG were around 4.9 million mt, down from 5.27 million mt in the previous quarter, in line with lower production at the North West Shelf project due to the cyclones. Earnings from LNG exports were flat at around A$2.5 billion, with higher prices offsetting lower export volumes.
Australia's seven oil refineries produced a total of 9,483 ML of products over January-March, down slightly from 9,527 ML in the preceding three months.
Australia's imports of crude oil and refinery feedstock for the three months totaled 8,060 ML at a cost of A$5.17 billion, up from 7,949 ML at a cost of A$4.42 billion in the December quarter of 2010. Imports of refined products were 4,322 ML and cost A$2.9 billion, down from 4,914 ML at A$2.83 billion in the previous quarter.
