Australia's total production of crude oil has been steadily declining. Crude oil production peaked in 2000 at 722 kb/day and declined to just over 338 kb/day in 2013.381 Oil production is forecast to decline at an annual average rate of 4.4 per cent from 2014-15 to 2049-50.382 The majority of production comes from two major basins: the Carnarvon Basin in WA (77 per cent of production in 2011), and the Gippsland Basin in Victoria (less than 15 per cent of production in 2011).
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381. United States Energy Information Administration (2013)
382. Bureau of Resources and Energy Economics (2011)