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 2013.417 Oil production is forecast to decline at an annual average rate of 4.4 per cent from 2014-15 to 2049-50.418 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). The majority of crude oil production in WA is exported to Asia.
_________________________________________________________________________________________
417. United States Energy Information Administration (2013)
418. Bureau of Resources and Energy Economics (2011)