Australia has an international reputation as a major reliable supplier in the Liquefied Natural Gas (LNG) market. Australia is a prime source for LNG with a strong reserves base, close proximity to Asia Pacific markets and a history of reliability and political stability.
The oil and gas industry is a major contributor to the Australian economy. In 2010 the industry accounted for about 4.8 per cent of the total GDP and generated estimated revenue of A$49.1 billion and A$43.6 billion, respectively.
Australia's biggest export in the industry is LNG. Australia is now the 18th largest producer of natural gas, the seventh largest exporter of LNG in the world and the third-largest LNG exporter in the Asia-Pacific Region. The outlook for Australia's LNG industry is for continued high growth, with exports forecast to rise dramatically from 7.8 million tons in 1999 to 20 million tons by 2010.
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