Fed: Find another oilfield or Aussies lose $27 billion a year

AAP General News (Australia)
02-24-2008
Fed: Find another oilfield or Aussies lose $27 billion a year

MELBOURNE, Feb 24 AAP - Australia's oil and gas industry desperately needs to find
another big oilfield or it could lose $27 billion a year.

The federal government is backing a push to help expand the country's oil and gas supply.

An Australian Petroleum Production and Exploration Association report has found that
only a quarter of Australia's oil and gas reserves have been explored, Fairfax newspapers
report.

Without more oil discoveries, Australia will face a trade and energy crisis.

Australia's crude oil and …