The governments of Nigeria, Indonesia and Malaysia - Australia's competitors in the oil and gas export sector - extract twice as much tax revenue from petroleum companies as a proportion of production than the federal and state governments combined.

An analysis, based on International Monetary Fund figures and global resource production numbers, found Australia was at the bottom of the pile when it comes to charging multinationals for selling its natural wealth.

For example, Malaysia took $20.2 billion in oil and gas-related revenues in 2014 - nearly three times the $7.3 billion that went to state and federal coffers in royalties, corporate taxes and the federally-administered petroleum resource rent tax.

That's despite Malaysia's annual production being less than 30 per cent higher than Australia's.