About Crude Oil
Crude oil is a naturally-occurring liquid consisting mainly of hydrocarbons derived from the thermal and chemical alteration of organic matter buried in sedimentary basins. It is formed as organic-rich rocks are buried and heated over geological time. Australia has about 0.3 percent of the world oil reserves.
Most of Australia’s known remaining oil resources are condensate and liquefied petroleum gas (LPG) associated with giant offshore gas fields in the Browse, Carnarvon and Bonaparte basins. In addition, oil resources are identified in the Perth, Canning, Amadeus, Cooper/Eromanga, Bowen/Surat, Otway, Bass and Gippsland basins.
[Excerpt from Australian Government - Geoscience Australia]
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