A Massive Oil Shortage Here Could Drive Exploration

Very interesting figures on oil production coming out of Australia last week. Showing the nation may be on the verge of a petro-crisis.Adelaide-based analysts EnergyQuest released their quarterly review of the Aussie oil and gas sector. Noting some stunning changes in production during 2013.Most notably, oil production across the nation took a tumble. With crude output falling 18.6% as compared to 2012, to 71.9 million barrels.That figure is even more eye-catching when viewed in a historical context. Being the lowest level of oil production Australia…

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