Oil and gas
Victoria's thriving oil and gas industry fuels our economy and jobs growth.
Victoria has benefitted from the offshore oil and gas supplies that have been produced from the Gippsland and Otway basins.
The Gippsland Basin alone boasts two thirds of Australia's all-time oil production and one third of its gas.
In 2012, remaining reserves in the Gippsland Basin were estimated at 400 million barrels of liquids and 5 trillion cubic feet of gas.
For the last 50 years, Victoria's oil and gas industry has been a vital part of keeping our economy strong.
We use oil and gas products everyday. Your car, stove and oven, heating and power supply all rely on oil and gas.
Oil and gas are also used in industry at glass and steel foundries; and aluminium and nickel smelters.
They're used in making plastics and polymers; and textiles, paints and dyes. Gas is also very important in the production of fertilisers.
Victoria is growing fast which means we need a steady supply of houses and power to cater for a rising population. Using local resources creates local jobs and reduces transport costs.
Page last updated: 25 Sep 2023