The oil and natural gas basins of Australia were created approximately 540 to 800 million years ago (Neoproterozoic) when most of the world's land masses were merged as one supercontinent known as "Rodinia". As a result of the break-up of the supercontinent, the Australian basins share similar geological features with basins in Siberia, Russia and Oman in the Persian Gulf, which possess billions of barrels of light oil reserves. These analogous features include:
- The existence of Cambrian/Neoproterozoic reservoirs;
- Similar algal/bacterial source beds;
- Similar salt structures created by the evaporation of sea water; and
- Similar salt seals which are ideal for long-term hydrocarbon trapping.