ABARE Projects Australian Oil Production Peak This Year - Reuters

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SYDNEY, March 4 (Reuters) - Australia's oil production is forecast to rise 7 percent this year as new fields come onstream, but is seen falling as soon as 2009, a government report said on Tuesday.

Crude production is forecast to increase to 483,000 barrels per day (bpd) in 2008/09, versus 449,190 bpd last year, boosted by new projects at the Vincent and Angel fields in Western Australia, the Australian Bureau of Agricultural and Resource Economics (ABARE) said in a quarterly report.

"Beyond 2008/09, Australia's oil production is projected to decline at a moderate rate as falling production from some mature fields offsets anticipated new additions to capacity," ABARE said.

The value of Australian crude oil and condensate exports is projected to increase to A$11.4 billion ($10.6 billion) by 2009/2010 and then to fall to A$10.4 billion in 2012-2013, ABARE said.

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http://www.reuters.com/article/rbssEnergyNews/idUSSYD22421220080303