BMI View: Strong interest in Australia's latest offshore licensing round supports the prospect that the country will continued to add to its reserves, indeed we forecast the country's gas reserves will rise from 3.12tcm in 2012 to 3.19tcm in 2021 on the back of increasing upstream activity. Increased reserves should support Australia's burgeoning LNG export capacity, although we continue to highlight that high development costs and increasing competition may chal- lenge the economics of proposed projects.
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