Publication Name: PESA Journal
Authors: M.H. Johnstone
Publication Issue: 10
Date Published: March 1987
Number of Pages: 6
Abstract:
The low world price for oil has had a serious effect on the oil exploration industry in Australia. We have had to reassess the economic viability of many of our exploration and development prospects, and revise our estimates of the minimum size of what now constitutes an exploitable field. Since the world price of oil is determined by economic and political forces over which we in Australia have no control, we can do nothing but ride out this crisis in exploration. But it does give us a chance to take stock of our achievements in Australia up to the present.