Publication Name: PESA News
Authors: Adam Craig
Publication Issue: 170
Date Published: September 2023
Number of Pages: 11
https://doi.org/10.36404/MNLL4956
Abstract:
Petroleum exploration activity in Australia decreased in 2022. The total number of exploration wells drilled and expenditure across Federal offshore and state jurisdictions decreased from 2021 levels. The number of exploration permits awarded and acreage made available for exploration was also lower than that of 2021. However, more appraisal wells were drilled in 2022. Onshore exploration expenditure in Australia has exceeded that of the offshore since 2019 and remains the focus of exploration activity. Exploration activity and expenditure has not followed the increase in oil and gas prices of recent years, suggesting external factors are suppressing and impeding exploration activity.