PERTH (miningweekly.com) – The latest assessment of Australia’s energy resources has found that the country contains nearly 600 times its total primary domestic energy consumption in the form of economic demonstrated resources (EDRs).

“Australia has in excess of 3.5-million petajoules of EDRs, like coal, gas, oil and uranium,” Resources and Northern Australia Minister Matt Canavan said this week.

“Together, coal, gas, oil and uranium make up more than 20% of Australia’s total exports, and are projected to earn around A$90-billion a year over the next five years alone.”

The 2018 edition of the Australian Energy Resources Assessment (AERA) notes that Australia continues to have the world’s largest known economic uranium resources, the fourth largest coal resources and substantial conventional and unconventional gas resources.

There is good potential for further growth of the non-renewable resource base through new discoveries, the report reads.

“AERA confirms that we have substantial conventional gas resources, primarily offshore, and significant unconventional gas resources onshore,” Canavan said.

He added that given under-exploration for oil and gas in Australia, there was great potential for more to be discovered.

“To meet the needs of both industry and everyday Australians, it’s essential that we continue to invest in our gas sector,” he added.

“That’s why the Australian government has invested A$90-million in gas security, reliability and affordability, which includes a A$26-million programme designed to accelerate new supplies from onshore gas developments to the domestic market.”

The AERA noted that domestic and international demand for Australia’s energy resources continues to rise, although the energy mix is changing.

However, the report adds that the energy intensity of the Australian economy is expected to continue to fall over the next few decades through energy efficiency gains and a changing industrial landscape.

“Increasing use of renewable energy sources will require energy infrastructure to become more flexible and potentially decentralised over time. As this transition occurs, understanding Australia’s energy resources and the factors likely to affect their development has never been more important,” AERA reads.