Exploration surge in Australia

Nov 24, 1999 01:00 AM

Australian companies are preparing to ride the back of the recent oil price jump with a new exploration surge. The country's level of exploration drilling for oil and gas in the third quarter of 1999 looks to have bottomed out and to be heading back up, according to figures released by the Australian Geological Survey Organisation (AGSO).
The level of exploration drilling in Australia remains good despite and the global fall in exploration of between 20 % and 50 % in most countries. Industry forecasts earlier last year suggested the level of exploration drilling in offshore Australia would fall by more than one-third compared to 1998.
To date, 35 offshore exploration wells have been drilled compared to 55 in the same period for 1998. However significant discoveries have been made last year, such as oil and gas discoveries in the Carnarvon Basin off Western Australia. In addition, a large gas discovery was recently made in the Geryon field north of Gorgon and Australia's gas reserves have been considerably enhanced by increased exploration in the nearby Chrysaor area.

Source: IINX via Iinoil
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