Exploration and appraisal year in review 2022
Adam Craig A *A RISC Advisory Pty Ltd, Perth, WA, Australia.
The APPEA Journal 63 S1-S13 https://doi.org/10.1071/AJ23020
Accepted: 3 March 2023 Published: 11 May 2023
© 2023 The Author(s) (or their employer(s)). Published by CSIRO Publishing on behalf of APPEA.
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. Twenty-six exploration wells were drilled in the year compared to 29 in the previous year, resulting in one offshore and eight onshore petroleum discoveries. The Pavo oil discovery in the Bedout Sub-basin and in the same exploration play as the Dorado oil discovery of 2018, was the only offshore discovery in 2022. Onshore exploration ‘hot-spots’ include the Northern Perth Basin and the Cooper–Eromanga Basin. The Permian Kingia Sandstone play of the Northern Perth Basin yielded the South Erregulla and Gynatrix gas discoveries, and the Jurassic Namur Sandstone play of the Cooper – Eromanga ‘Western Flank’ was extended yielding the Bangalee-1, Coorong-1, Magic Beach-1 and Rocky-1 oil discoveries.
Keywords: acreage awards, appraisal, Bedout Sub-basin, Beetaloo Sub-basin, Carnarvon Basin, Cooper–Eromanga Basin, drilling, exploration, Otway Basin, Perth Basin, release round, seismic.
Adam Craig is a highly experienced Geoscientist with over 30 years of experience working with Lasmo Oil, WMC Resources, Novus Petroleum, Woodside, Cooper Energy and KUFPEC prior to joining RISC in 2020. Adam has significant global experience in exploration, appraisal, development and production activities. He is a member of PESA (2021–2023 WA branch President), a Certified Petroleum Geologist of the AAPG and a Fellow of the Geological Society. |
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