Australia is the world’s fifth-largest producer of natural gas and the country’s output decreased by 5% in 2023, over 2022. The country accounts for 3% of global production, with the world’s other largest producers being the US, Russia and Iran. GlobalData uses proprietary data and analytics to provide a complete picture of the natural gas sector in Australia in its report, Australia Exploration & Production, 2022. Buy the report here.
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Over the five years to 2023, production from Australia decreased by a CAGR of 2% and is expected to drop by a CAGR of 0.15% between 2024 and 2028.
The largest producers of natural gas in Australia are Chevron, Shell and Woodside Energy Group. Chevron was the largest producer of natural gas in 2023 with output up by 0.14% on 2022.
Shell was the second-largest producer, with output up by 0.2%, and Woodside Energy Group was third with a decrease of 5% on the previous year.
There are 282 natural gas producing fields in Australia of which 23 are located offshore and the rest onshore. The Queensland has the majority of the natural gas fields in the country with 147.
Role of natural gas in the energy transition
Natural gas plays a pivotal role in the global energy transition, serving as a transition fuel towards decarbonisation. As countries navigate the shift from fossil fuels to renewable energy sources, natural gas provides a lower-carbon alternative, aiding in reducing emissions and delivering reliable energy given the fluctuating availability of wind and solar power. Its versatility and abundance make it a key component in the evolving energy mix.
For more detailed analysis of natural gas sector in Australia, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying research used to produce this article.
This information is drawn from GlobalData’s Oil & Gas Intelligence Center, which provides detailed profiles of 34,000+ oil and gas fields, 400,000+ exploration blocks, 1,100+ LNG terminals, 3,400+ gas processing plants, 5,000+ storage terminals, and 8,000+ pipelines, 1,400+ refineries and 13,000+ petrochemical plants worldwide.
