PETROLEUM EXPLORATION ACTIVITY REPORT AND PREDICTIONS

Abstract

In 1969, there were indications of increasing exploration activity onshore in Australia. This is expected to continue and strengthen during 1970.

The results obtained during 1969 were not very encouraging although gas reserves were increased and there was one significant new gas discovery. There were no large oil discoveries.

Exploration expenditure is expected to be about the same as for the last two years, but with an increased percentage to be spent onshore.

The present level of expenditure is not likely to be sufficient to find the reserves necessary to achieve continuing selfsufficiency for Australia.