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:
“As a rule they will refuse even to sample a foreign dish, they regard such things as garlic and olive oil with disgust, life is unliveable to them unless they have tea and puddings.”
—George Orwell (1903–1950)
“It is wise to apply the oil of refined politeness to the mechanism of friendship.”
—Colette [Sidonie Gabrielle Colette] (1873–1954)
“I bade, because the wick and oil are spent
And frozen are the channels of the blood....”
—William Butler Yeats (1865–1939)