Trials and tribulations

This article traces the history of the Australasian oil and gas industries from 1976 to the present, giving details of the change in the political climate for offshore exploration with the change in the Australian government, the renewed exploration, the innovative engineering techniques for shallow inshore waters, and the mid-1980s slump in oil prices. The free market system of crude oil trading; the introduction of a Petroleum Resource Rent Tax (PRRT) on offshore areas, the first concrete platform, and improved recovery rates are discussed. The growing importance of natural gas, agreements between Indonesia and Australia concerning the Timor Sea/Timor Gap area, development of gas condensate fields, liquefied natural gas operations, and market issues are considered. (uk)