Stalled exploration poses economic risk: APPEA

APPEA Chief Executive Dr Malcolm Roberts.

APPEA Chief Executive Dr Malcolm Roberts.

The latest Australian Bureau of Statistics (ABS) exploration data confirms that the slump in petroleum exploration in Australia continues.

“Yesterday, the ABS released data for 2017, confirming that exploration in Australia is stalled.  Exploration expenditure is well below trend, especially in offshore basins,” said Australian Petroleum Production and Exploration Association (APPEA) Chief Executive Dr Malcolm Roberts.

“Falling exploration activity has been evident for many years but the latest offshore expenditure numbers are alarming. Offshore activity has fallen to its lowest level since 2004. Other sources show that only five exploration and appraisal wells were drilled offshore in 2017.

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