EXPLORATION REVIEW

Abstract

Both exploration expenditure and drilling were significantly down in 2002 in comparison to 2001. This quiet phase is primarily due to the evaluation of the 2001 drilling and seismic results which should lead, in the long term, to the next cycle of prospect drilling and re-evaluation.

The amount of onshore 2D seismic acquisition data gathered was similar to 2001 with most data acquired primarily in the producing basins.

Offshore seismic acquisition was down markedly due the completion of a number of major 3D surveys. These data are now in the processing and interpretation phase and when completed will identify the next drilling candidates.

The continued success story of the offshore Otway Basin has re-invigorated exploration interest in Australia’s southern margins with exploration continuing to ramp up in the Bight Basin. In the west, the further evaluation of the offshore Perth Basin indicates renewed interest as a result of the Cliff Head discovery.