Oil and Gas News

Australian petroleum exploration expenditure continues to rise

A trend estimate for expenditure on petroleum exploration has increased in the June quarter through increased interest in Western Australian land.

The June quarter represented an increase of 2.8 per cent to $314.1 million, however exploration expenditure on production leases fell 29.5 per cent, according to data released by the Australian Bureau of Statistics.

Aside from this, money spent on petroleum exploration on all other areas rose 12.6 per cent to $29.5 million.

The seasonal adjustment to the figures, however, reveal the significance of the June quarter, with exploration expenditure rising 42.7 per cent to $353 million in the quarter.

This was driven by Western Australia who represented the largest contributor to the rise in the trend estimate, up 11.4 per cent to $19.7 million.

The state replicated this in the largest contributor to the seasonal adjustment estimate, where they were up 131.2 per cent.

Onshore petroleum exploration expenditure was estimated to have risen 2.9 per cent in the period and while drilling investment fell 10 per cent, all other onshore petroleum exploration rose 24.7 per cent.

This was reciprocated in offshore petroleum exploration expenditure which rose 2.7 per cent to $201.5 million in the quarter.

Similarly to onshore, offshore drilling expenditure fell eight per cent, however, all other offshore petroleum exploration rose 12 per cent.

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