Ian Verrender

Coal, yep.

LNG.

And then suddenly that all starts to fade and there's a new electrification.

Oh, we need lithium.

Oh, yeah, we've got the world's biggest supply of lithium cobalt.

Yeah, we've got that too.

Rare earths.

Yeah, plenty of them, you know.

And so suddenly people, let's just get the oil out of the ground.

But unfortunately, while we are an energy superpower in many ways because we're one of the world, well, we are the world's biggest seaborne exporter of coal and both steaming and metallurgical coal.

And we're also what we've been vying for top spot

in liquefied natural gas exports as well.

But when it comes to oil, you know, Bass Strait was kind of it, you know, and there's a couple of big fields off the north coast of Western Australia and a few little ones scattered through the, you know, the basins through the middle of the country where

This is where all our gas deposits are.

So there's some oil there, but not a lot.

And at current levels, when we're looking at proven and probable reserves, we've got about 1.3 billion barrels.

And Geoscience Australia, which is a government department, essentially says that we're using more of our resources than we are finding new ones.

And so at this rate, we'll run out in seven years.

And that is...

after considering that we're importing 80% of our needs.