Australia's production of crude oil has been steadily declining. Crude oil production peaked in 2000 at 687 kb/day and has since declined to just over 410 kb/day. This downward trend is expected to continue at an average rate of 4.4 per cent per year from 2014-15 to 2049-50.454 The majority of production comes from two major basins, the Carnarvon Basin in Western Australia (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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454. Bureau of Resources and Energy Economics (2014a)