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 2013.542 Oil production is forecast to decline at an annual average rate of 4.4 per cent from 2014-15 to 2049-50.543 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). NT has crude oil reserves in the Bonaparte Basin 1054 PJ still remaining), which crosses WA and NT.
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542. United States Energy Information Administration (2013)
543. Bureau of Resources and Energy Economics (2011), p. 38