Oil
Oil was first discovered in the Gippsland Basin under Bass Strait by Esso Australia and BHP in March 1966 in what is now the Marlin field. By early 1968, the Halibut and Kingfish oil fields were discovered nearby. Production from the fields was estimated at up to 300,000 barrels (48,000 m3) per day, with recoverable reserves in the Gippsland Basin in the region of 4 billion barrels (640,000,000 m3).
In 1985, oil production from the Gippsland Basin peaked to an annual average of 450,000 barrels (72,000 m3) per day. In 2005-2006, the average daily oil production declined to 83,000 bbl/d (13,200 m3/d), but despite the decline Victoria still produces almost 19.5% of crude oil in Australia.
Read more about this topic: Energy In Victoria (Australia)
Famous quotes containing the word oil:
“Can he who has discovered only some of the values of whalebone and whale oil be said to have discovered the true use of the whale?”
—Henry David Thoreau (1817–1862)
“Is a park any better than a coal mine? What’s a mountain got that a slag pile hasn’t? What would you rather have in your garden—an almond tree or an oil well?”
—Jean Giraudoux (1882–1944)
“Courage, determination, and hard work are all very nice, but not so nice as an oil well in the back yard.”
—Mason Cooley (b. 1927)