Australia is a major oil and gas producer and a key exporter of liquefied natural gas (LNG). The oil and gas companies in the country operate large-scale upstream and downstream operations spread across regions like Western Australia, Queensland, and the Northern Territory. Over the years, major oil and gas companies have driven the development of large scale natural gas plant projects in Australia, contributing to increased production, job creation, and energy security.

In 2025, the Australian oil and gas industry continues to grow, supported by world-class reserves and strategic export relationships. Leading companies such as Woodside Energy, Santos, Karoon Energy, Origin Energy, and Beach Energy dominate the sector, known for their exploration, production, and infrastructure development capabilities.

This article lists the top 10 oil and gas companies in Australia according to the latest market cap in April 2025. It also showcases their assets, operations, and contributions to both the domestic and international energy needs.

List of Top 10 Oil and Gas Companies in Australia in 2025

Woodside Energy Group Ltd

Woodside Energy Group Ltd, formerly known as Woodside Petroleum limited, is the largest oil and gas company in Australia by market cap. Headquartered in Perth, the company is Australia's largest independent oil and gas operator, managing key projects such as the North West Shelf, Pluto LNG, and Wheatstone.

Woodside plays a crucial role in Australia's LNG exports, supplying liquefied natural gas, crude oil, condensate, and liquefied petroleum gas (LPG) to both domestic and international markets. Its diversified portfolio includes major offshore and onshore projects across Australia and global ventures in Canada, Myanmar, Senegal, and Timor-Leste. 

In 2024, Woodside Energy Group Ltd delivered a record annual production of 193.9 million barrels of oil equivalent (MMboe) from the Sangomar field. The company posted a net profit after tax of USD 3.57 billion, which is more than double the previous year. Operational excellence continued with 98% reliability at Woodside’s LNG facilities and a reduction in unit production costs to USD 8.1 per barrel. 

The company also made significant strategic moves, including the acquisition of Louisiana LNG and Beaumont New Ammonia projects, which position it as a global energy player and mark its entry into the lower-carbon ammonia market. 

Future prospects of Woodside Energy Group include: 

• The Scarborough Energy Project is 80% complete and on track to deliver its first LNG cargo in 2026.
• The Trion Project in Mexico is progressing well, with first oil targeted for 2028.
• Advancing the Beaumont New Ammonia Project, nearing completion, with lower-carbon ammonia production expected by late 2026.
• New projects and acquisitions align with Woodside’s emissions reduction targets, including Scope 1, 2, and 3 goals. 

Santos Limited

Santos Ltd., headquartered in Adelaide, South Australia, is one of the leading oil and gas exploration and production companies in Australia. The company has core operations across the Cooper Basin, Papua New Guinea, Northern Australia, and Western Australia. It is the largest supplier of natural gas in Australia, with major production assets in the Cooper Basin serving the eastern states. 

The company also manufactures LNG for export from its plant in Gladstone and is a key partner in the PNG LNG and Bayu-Undan/Darwin LNG projects. Santos has further strengthened its upstream portfolio by acquiring ConocoPhillips’ Northern Australia and Timor-Leste assets in 2020 for USD 1.265 billion. 

As of the 2024 financial year, Santos recorded a production volume of 87.1 million barrels of oil equivalent (mmboe) and generated USD 5.4 billion in sales revenue. The company employs nearly 4,000 people and concentrates on value creation through exploration, development, and marketing of natural gas across both domestic and international markets. 

Santos's production by region is detailed below:

Beach Energy Limited

Beach Energy Limited is one of the largest Australian energy producers headquartered in Adelaide, South Australia. Established in 1961, the company has grown into a key player in the energy sector, operating across five major basins in Australia and New Zealand. These include the Cooper Basin, Bass Basin, Otway Basin, Perth Basin, and Taranaki Basin. 

Beach Energy's core focus lies in the East and West Coasts of Australia, where it produces natural gas, oil, and natural gas liquids. In 2009, the company rebranded from Beach Petroleum to Beach Energy, reflecting its strategic shift toward a broader energy portfolio. A significant milestone in its expansion came in 2017 with the acquisition of Lattice Energy from Origin Energy for USD 1.585 billion.

Beach Energy holds a 33% ownership stake in the Moomba Carbon Capture & Storage (CCS) Project, operated in partnership with Santos, aimed at reducing carbon emissions from natural gas production. 

The table below summarizes Beach Energy’s operational performance in FY24:

Karoon Energy Ltd

Karoon Energy Ltd is an independent Australian oil and gas exploration and production company headquartered in Melbourne, Victoria. The Australian company primarily focused on South America, particularly offshore Brazil. 

In 2024, the company achieved a record production of 10.4 million barrels of oil equivalent (MMboe). The company’s Baúna Project’s floating production storage and offloading (FPSO) unit recorded an efficiency of 84.5%, falling short of the long-term target of 90–95%. The production from the Who Dat field in the U.S. Gulf of Mexico contributed 2.9 MMboe on a net revenue interest basis. 

In February 2025, Karoon Energy announced the acquisition of the Cidade de Itajai FPSO, which has been operating in Brazil’s Baúna field since 2013. The USD 115 million deal, plus approximately USD 8 million in transaction costs, will give Karoon full ownership of the vessel, currently managed by the Altera & Ocyan joint venture. 

Karoon’s shareholder base expanded recently, with Citigroup Global Markets Australia Pty Limited becoming a substantial shareholder as of April 1, 2025, holding a 5.5934% voting power. This acquisition and investment signal strong confidence in Karoon’s long-term growth and operational strategy in the offshore energy market in Australia.

Amplitude Energy Limited

Amplitude Energy Limited, formerly known as Cooper Energy Limited, is an Australian energy company focused exclusively on supplying natural gas to the domestic Southeast Australian market. Headquartered in Adelaide with regional offices in Perth and Melbourne, the company operates two gas processing facilities in regional Victoria that handle production from offshore fields in the Otway and Gippsland Basins. 

In addition to its operated assets, Amplitude Energy holds non-operated interests in the Cooper Basin in South Australia and the onshore Otway Basin across South Australia and Victoria. 

Read: All About Chevron Gorgon Project in Australia

In January 2025, Amplitude Energy advanced the East Coast Supply in partnership with Japan’s Mitsui. This 50:50 joint venture targets at least eight satellite gas discoveries, including Annie, Henry, Elanora, Heera, Juliet, Nestor, Isabella, and Pecten East. These discoveries will be developed as subsea tie-backs to the existing Casino Henry Netherby (CHN) subsea pipeline and processed through the Athena Gas Plant in Victoria. 

Here are the portfolio assets of Amplitude Energy:

Strike Energy Limited

Strike Energy Limited is a leading Australian energy company focused on the Perth Basin's natural gas resources. The company was incorporated in 1997 and listed on the ASX (Australian stock exchange)  in 2004. The company is committed to delivering sustainable, low-cost, and reliable gas to the Western Australian domestic market, supporting the state’s transition away from coal-fired power while enabling the growth of its mining and minerals industry.

Horizon Oil Limited

Horizon Oil Limited is an upstream oil and gas company with exploration, development, and production assets across the Asia-Pacific region. The company operates in China, New Zealand, and Australia. 

Horizon Oil is continuing efforts to rebalance the company's traditionally oil-heavy portfolio by ramping up gas production. The company’s USD 30 million deal alongside Matahio Energy for a 75% stake in ExxonMobil's Thai subsidiary marks Horizon's Southeast Asian debut and pushes it closer to a 50-50 oil and gas split. 

In 2024, Horizon had a strong operational year, marked by key achievements:

1. Mereenie Acquisition: Horizon acquired a 25% interest in the Mereenie oil and gas field, effective from 1 April 2023. This added 32 PJ of net 2P gas Reserves (5.5 MMboe) and is expected to significantly boost operating cash flow for at least the next five years.
2. Growth in Reserves: The company’s total net 2P Reserves nearly doubled from 4.9 MMboe to 9.9 MMboe. This increase came mainly from the Mereenie acquisition and reclassification of Contingent Resources into Reserves.
3. Production Performance: Horizon reported a total net production of 1.9 MMboe, slightly higher than the previous year (1.8 MMboe). Of this, China and New Zealand contributed 1.4 million barrels of oil, and Mereenie contributed 2.7 PJ of gas (0.5 MMboe).
4. Crude and Condensate Reserves: Net 2P crude and condensate Reserves declined slightly by 0.5 MMbbl, primarily due to production. However, this was partly balanced by new additions from China and Mereenie.
5. Contingent Resources: Horizon’s net 2C Contingent Resources increased from 6.9 MMboe to 13.3 MMboe, mostly due to new gas resources (45.6 PJ / 7.8 MMboe) in the Mereenie asset. In China, Contingent Resources remain strong at 2.6 MMbbl, with several new projects and infill drilling opportunities planned.

Tamboran Resources Limited

Tamboran Resources Corporation is a publicly listed natural gas company, founded in 2009 and headquartered in Sydney, Australia. Tamboran holds the largest operated acreage position in Australia’s Beetaloo Basin, with approximately 2 million net acres. Located in the Northern Territory, this strategic resource is well-positioned to supply gas to Australia’s East Coast. 

Tamboran is focused on modern shale reservoir techniques, along with advanced drilling and completion technologies. In line with this, the company has formed strategic partnerships with U.S. firms Helmerich & Payne and Liberty Energy to bring high-efficiency U.S. drilling and completions equipment to the Beetaloo Basin. 

FY2024 marked Tamboran’s most active operational year, with the drilling of two operated wells using the newly imported H&P Flex 3 Rig and the successful completion and flow testing of the SS-1H well. 

In April 2025, Tamboran signed a non-binding Letter of Intent (LOI) with Arafura Rare Earths Limited to explore potential gas supply from Tamboran’s Beetaloo assets to the Nolans Rare Earth project in the Northern Territory. The proposed deal includes supplying 18–25 terajoules per day (approximately 18–26 million cubic feet per day) of gas for up to ten years. 

Tamboran has also entered a non-binding Memorandum of Understanding (MoU) with Santos Ltd. to collaborate on technical studies for a potential Darwin LNG Train 2 expansion. Additionally, the two companies plan to work together on the jointly owned EP 161 acreage in the Beetaloo Basin, where Santos holds a 75% stake as operator and Tamboran holds 25%.

Carnarvon Energy Limited

Carnarvon Energy is a leading independent oil and gas exploration company in Australia. It was incorporated in 1983 and has a strong focus on offshore Western Australia. Carnarvon began its journey in the Carnarvon Basin and later expanded into Southeast Asia before refocusing its strategy back to Australia. 

The company holds key interests in the world-class Dorado and Pavo oil and condensate developments within the Bedout Basin, located on the North-West Shelf. These fields together represent the largest undeveloped offshore oil and condensate discoveries in Australia, with a combined gross 2C resource of 205 million barrels (MMbbls). 

In 2009, the company acquired four exploration permits across the underexplored Bedout Basin, covering 21,652 km² offshore from Port Hedland. Strategic farm-outs enabled Carnarvon to secure cost-carrying agreements that led to major discoveries at Phoenix South and Roc. 

The turning point came in 2018 with the discovery of Dorado, the largest offshore oil and condensate find in Australia in three decades. This was followed by the Pavo discovery in 2022, which further boosted the development potential of the region.

Empire Energy Group Limited

Empire Energy Group Limited (formerly known as Imperial Corporation Limited) is a prominent Australian oil and gas company engaged in the exploration, production, and sale of oil and natural gas. The company headquartered in Sydney operates through two main segments: US Operations and Northern Territory Operations. 

In Australia, Empire holds a 100% working interest in approximately 14.5 million acres of prospective shale oil and gas exploration acreage located in the McArthur Basin and the Beetaloo Sub-basin in the Northern Territory. These regions are considered among the most promising shale gas resources in the country and are central to Australia’s future energy supply. 

Empire Energy's 2024 operations highlights include: 

Exploration Area: Holds 100% interest and operatorship over 28.9 million acres in the McArthur and Beetaloo Basins, Northern Territory, Australia.

Gas Sales Agreement:

• Signed in July 2024 with the Northern Territory Government.
• Supply of up to 25 TJ/day for 10 years (~75 PJ total) starting in 2025.
• Option for an additional 10 TJ/day if production exceeds 100 TJ/day. 

Carpentaria-5H Well:

• Drilled and cased to 5,310 meters by 27 December 2024.
• 100% of the horizontal section in target Velkerri-B shale has strong gas shows.
• Production testing is scheduled for mid-2025, after the wet season. 

Project Development: Continued work on Front-End Engineering and Design (FEED) and regulatory approvals for the Carpentaria Pilot Project in EP187.

Conclusion

Australia’s oil and gas sector remains a cornerstone of the national economy, driven by the development of large-scale natural gas projects and supported by substantial local and international investment. The industry not only fuels economic growth but also delivers widespread benefits ranging from job creation and regional development to energy security and global trade contributions. 

Backed by abundant natural resources and world-class infrastructure, Australia continues to attract billions of dollars in new investments aimed at increasing gas supply for both domestic use and export markets. Leading multinational corporations like Shell Australia, BHP, ExxonMobil, and Chevron, alongside homegrown giants such as Woodside Energy, Viva Energy, Origin Energy, and Beach Energy, are at the forefront of this transformation.

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