This presentation attempts to be a concise summary of petroleum exploration and appraisal activity in Australia for 2023. Exploration trends, acreage releases, bids and awards, seismic acquisition, drilling activity and transactions.

Petroleum exploration expenditure in 2023 increased modestly over that of 2022. But remains well below expenditure highs of a decade ago, which was dominated by offshore activity. Exploration expenditure, and activity, is now dominant in onshore state jurisdictions. This has been the case since 2019 and will continue with no Federal offshore petroleum exploration acreage release rounds or exploration permit awards in 2023. Exploration expenditure (and activity) appears to be de-linked from increases in commodity prices which have typically been exploration stimuli in the past. This suggests that other factors including access to acreage, regulatory burden, legal challenge, social and environmental, are at play.

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