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Journal of Australian Energy Producers
RESEARCH ARTICLE (Non peer reviewed)

Oil and gas exploration in Australia in 2014—a year of extremes

Peter Stickland
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MEO Australia

The APPEA Journal 55(1) 163-176 https://doi.org/10.1071/AJ14012
Published: 2015

Abstract

In 2014, explorers in Australia experienced a range of highs and lows. There have been discoveries in new play types such as Phoenix South–1 in the Roebuck Basin, offshore WA, as well as discoveries that rejuvenate mature basins such as Seneco–3 in the onshore Perth Basin and a number of wells demonstrating unconventional gas flows in the Cooper Basin.

Exploration lows include the inevitable unsuccessful wells, the general low level of drilling activity both offshore and in some states, frustrations at approval delays and constraints—particularly in NSW and Victoria—and the sharply contracting business environment towards the end of 2014 as the oil price rapidly fell to its lowest levels in five years.

This PESA review looks in detail at the trends and highlights for oil and gas exploration both onshore and offshore Australia in 2014; not just outcomes with the drill bit, but also leading indicators such as seismic data acquisition and permit awards. It also seeks to be insightful and to make conclusions about the condition of oil and gas exploration in Australia, as well as comment on future implications for the industry.

Peter Stickland BSc Hons (Geology), GDipAppFin (Finsia), GAICD

Peter Stickland has more than 25 years of global experience in oil and gas exploration. Peter was appointed CEO of MEO Australia (ASX: MEO) in December 2014, having consulted to MEO since 2011. Peter had been CEO of Tap Oil Limited (ASX: TAP) from 2008 to late 2010, during which he oversaw the evolution of the company into a Southeast Asia/Australia-focused exploration and production company. Prior to joining Tap Oil, Peter had a successful career with BHP Billiton, including a range of technical and management roles exploring regions of Australia, Southeast Asia and the US.

Peter has been a member of the Board of APPEA Limited since 2009.