Australia Yearbook - 2001

698 Year Book Australia 2001
18.7 AUSTRALIA’S DEMONSTRATED ENERGY RESOURCES, By Resource Type
Black coal Brown coal Crude oil Natural gas Condensate LPG Uranium
PJ
PJ PJ
PJ
PJ PJ
PJ
PJ
1989 1 357 750 405 169 9 620 37 245 4 403 2 972 222 780 2 039 939
1990 1 363 504 404 733 9 953 36 153 4 329 2 998 220 430 2 042 100
1991 1 370 050 404 412 9 546 37 050 4 551 3 445 222 780 2 051 834
1992 1 381 077 401 066 9 028 39 195 4 921 3 551 217 140 2 055 978
1993 1 336 690 400 697 9 213 38 688 4 995 3 498 296 570 2 090 351
1994 1 335 380 400 212 10 952 50 427 5 735 4 050 297 510 2 104 266
1995 1 335 396 400 212 10 249 49 296 6 734 3 787 295 630 2 100 916
1996 1 330 644 399 368 8 880 53 040 7 067 4 550 292 340 2 097 903
1997 1 388 691 398 845 9 805 57 447 7 030 4 760 289 050 2 155 628
1998 1 390 884 397 700 8 880 53 040 7 141 4 576 289 050 2 151 271
Source: Unpublished data, Mineral Account, Australia; Australian Geological Survey Organisation.
Total
18.8 CHANGE IN ENERGY RESOURCES, Australia
% change
3
2
1
0
–1
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Source: Unpublished data, Mineral Account, Australia; Australian Geological Survey Organisation.
Table 18.9 shows the net present value (NPV) of
demonstrated energy assets and of all
demonstrated mineral assets measured within
Australia. The NPV is the expected value of the
resource based on current market value, with
some modifications based on depletion and
economic forces. The net present value of an
asset is defined in depth in the ABS publication
Australian National Accounts: National
Balance Sheet (5241.0.40.001). The estimated
value of energy resources in 1998 was 30% of the
estimated value of total mineral assets. The values
of black coal and natural gas feature strongly
among energy minerals in 1998, accounting for
38% and 34% of total energy mineral assets,
respectively. Black coal and natural gas are also
among the most exported Australian energy
products, as discussed in Energy supply and use.
Table 18.9 shows a 57% increase in the value of
energy mineral assets over the period 1989 to 1998.
Mineral assets increased by 116% over the period.
The increase in the value of minerals was due
largely to increases in black coal, natural gas and
condensate, which more than compensated for
falls in the value of crude oil, uranium and LPG.
The value of energy resources has fluctuated over
the period, falling in the early 1990s before
recovering, but the NPV of these commodities
compared to that of total mineral commodities
seems to be decreasing over time (graph 18.10).
This effect is mainly due to non-energy minerals
increasing in value faster than energy minerals.
In 1998 energy resources were valued at $36,000
per PJ while still in the ground. Crude oil,
condensate and natural gas were the most valuable
assets (table 18.11). The value of crude oil was
$1,375,000 per PJ in 1998, compared to $21,000 per
PJ of black coal and $6,000 per PJ of uranium.
Australia tends to export lower value commodities
and to supplement imports of higher value energy
products with domestic production. For example, in
1997–98 coal exports were 4,613 PJ and exports of
uranium were approximately 3,000 PJ. Imports and
exports of energy minerals are discussed further in
Energy supply and use.