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:
“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)
“Mr. Chadband is a large yellow man, with a fat smile, and a general appearance of having a good deal of train oil in his system.”
—Charles Dickens (1812–1870)
“Opinions are to the vast apparatus of social existence what oil is to machines: one does not go up to a turbine and pour machine oil over it; one applies a little to hidden spindles and joints that one has to know.”
—Walter Benjamin (1892–1940)