The pyrolysis behaviour of several Australian oil shales was determined using the material balance modified Fischer assay and a bench-scale fluidized bed pyrolysis reactor, with nitrogen or steam as the sweep gas. The assay oil yield, which ranged from 5.3 to 15.7 wt% of the dry shale, did not correlate well with the organic carbon contents of the shales. However, under both assay and fluidized bed pyrolysis conditions, a shale of high kerogen H C had high organic carbon conversions to oil. Compared with the Fischer assay, nitrogen pyrolysis gave 7 ± 4 wt% more oil for the shales studied, and steam pyrolysis gave 15 ± 4 wt% more oil for all shales except one, which showed a 35 wt% increase in oil yield. However, the oils from both nitrogen and steam pyrolysis had lower H C s, higher sulphur and nitrogen contents, and more high boiling point fractions than those from the Fischer assay. Nitrogen pyrolysis oils were of higher quality than those produced by steam pyrolysis. With steam as the sweep gas, much more hydrogen and hydrogen sulphide were produced for all shales; in most cases, there was also more carbon monoxide and less hydrocarbon gases.