2025 PESA WEBINAR SERIES: 2024 Exploration Year in Review (Sue Slater)

Petroleum exploration expenditure increased both offshore and onshore compared to 2023 numbers, however this does not equate to a commensurate increase in activity. Onshore jurisdictions dominate the exploration and appraisal activities. In total 82 exploration and appraisal wells were drilled in 2024 (spud date after 31 December 2023). Sixty of these were appraisal wells, and this was dominated by coal seam gas appraisal drilling in Queensland. Despite the release of the Australian Government’s Future Gas Strategy, there does not appear to be much in the way of tangible actions to increase exploration. All jurisdictions make land available for exploration via competitive tender, but in 2024 there were no land releases. Seismic activity in offshore jurisdictions is being limited with new Commonwealth awards being granted without the right to acquire new seismic. Carbon sequestration (CCS) activity continued offshore with the grant of eight of the 2023 land release areas occurring in 2024. While Western Australia, South Australia and the Northern Territory are taking steps to create the framework for CCS exploration, in Queensland a sudden announcement saw the cessation of all CCS activity in the Great Artesian Basin, and importantly also the underlying strata. This ban applies to the use of CO2 in enhanced oil recovery as well. South Australia continues to take lead in natural hydrogen exploration.