The preliminary results of the 2002 Bonaparte Basin assessment indicate that there is a mean expectation of finding 334 million barrels of oil, 2.96 TCF of gas, and 116 million barrels of condensate in the next ten to fifteen years. This assessment represents a fall of some 41% from the 1998 oil assessment but an increase of 30% in the amount of gas. This is mainly due to the methodology attempting to model the expectation for the next ten to fifteen years rather than modelling the ultimate potential.

A medium term forecast of undiscovered hydrocarbon resources for the Bonaparte Basin has been generated by Geoscience Australia and reveals that there is the potential to discover 56 gigalitres (350 million barrels) of oil, 82 billion cubic metres (2.9 trillion cubic feet) of gas, and 18 gigalitres (115 million barrels) of condensate in the next ten to fifteen years.

How much oil and gas remains to be discovered? At the Australian Petroleum Production and Exploration Association (APPEA) Conference in Hobart in 2001, Dr Trevor Powell, Chief of the Petroleum and Marine Division, delivered a paper discussing the future of Australia?s hydrocarbon production1. Australia has enjoyed a high level of self-sufficiency for its liquid hydrocarbon requirements but forecasts of future production suggest that as early as 2005, the level of production will drop by about 33% and by 2010, production will be down by about 50%. This production forecast includes forecast production from already developed and soon to be developed fields, as well as a component from fields yet to be discovered.

In 2000, the US Geological Survey released its World Petroleum Assessment (2000). This assessment provided estimates of the quantities of conventional oil, gas and natural gas liquids that have the potential to be added to reserves in the period 1995-2025. The assessment was for regions outside the United States. For Australia, the Bonaparte, Browse and Gippsland Basins plus the North West SHelf were assessed.

Australia's Identified Mineral Resources is an annual national assessment that takes a long-term view of Australian mineral resources likely to be available for mining. The assessment also includes evaluations of long-term trends in mineral resources, world rankings, summaries of significant exploration results and brief reviews of mining industry developments. This entry is for the revised (minor edits - 2014) version of AIMR 2012 GeoCat #75326

A map showing selected mines, mineral deposits and historice mines on the radiometric map of Australia. 1:5 million scale.

This report contains the preliminary results of Geoscience Australia survey 266 to central Torres Strait. The survey was undertaken to investigate the seabed geomorphology and sedimentary processes in the vicinity of Turnagain Island and to infer the possible effects (if any) on the distribution, abundance and survival of seagrasses. The Turnagain Island region was chosen because it is a known site of recent widespread seagrass dieback. The present survey is the first of two by Geoscience Australia to be carried out in 2004 and is part of a larger field-based program managed by the Reef CRC aimed at identifying and quantifying the principal physical and biological processes operating in Torres Strait. The impetus for the program is the threat of widespread seagrass dieback and its effects on local dugong and turtle populations and the implications for indigenous islander communities.

Map shows lead and zinc resources of Australia.

Resource estimates for individual mineral deposits reported by companies using the Joint Ore Reserves Committee Code are compiled in Geoscience Australia's national mineral resources database and used in estimating national resource inventories which are reported in categories of the National Mineral Resources classification system. The national inventory provides a long term national perspective of potentially mineable resources and the results are published online in 'Australia's Identified Mineral Resources'. Analyses of resource trends show that growth in Australia's resources have generally been strongly influenced by: - discoveries of new deposits, and extensions of resources at known deposits, - advances in metallurgical techniques and mining methods which have stimulated the exploration and development of new ore types and low grade deposits previously considered uneconomic, - availability of cheaper energy, - increases in prices of mineral commodities driven largely by the massive demand from China. From the early 1970s, Australia's iron ore mines have been based on large resources of direct shipping hematite ores in the Hamersley Basin. From 2003, Australia's Economic Demonstrated Resources (EDR) of iron ore grew to record levels as increased demand for iron ore generated renewed interest in magnetite ores. As a result, large increases in magnetite resources were recorded as development of large magnetite deposits in the Pilbara (Sino Iron project) and mid-west regions of WA (eg Karara deposit) commenced. Trends in Australia's EDR of black coal, gold and other major commodities are discussed.

A map showing selected mines, mineral deposits and historice mines on the gravity map of Australia. 1:5 million scale.