Session 15. Oral Presentation for: 2023 Exploration and appraisal year in review

Abstract

Presented on Wednesday 22 May: Session 15

Petroleum exploration expenditure in 2023 increased modestly over that of 2022, but remains well below expenditure highs of a decade ago which were dominated by offshore activity. Exploration is dominant in onshore state jurisdictions and has been since 2019, and will continue to be with no Federal offshore petroleum exploration acreage release rounds or exploration permit awards in 2023. Despite the modest increase in exploration expenditure there were 38 exploration wells drilled in 2023, an increase from the 26 wells drilled in 2022. Three of these 2023 wells were located offshore, targeting prospective resources in the vicinity of liquefied natural gas (LNG) project upstream gas fields. Thirty-four conventional onshore exploration wells were drilled in 2023 compared to 18 in 2022, a significant increase. The Cooper–Eromanga Basin was the focus of onshore exploration drilling with 21 exploration wells, compared to 13 in 2022, which yielded six discoveries. The onshore Northern Perth Basin continues to be an exploration hot spot with five wells drilled in 2023, compared to four in 2022. The Permian Kingia Sandstone exploration play continues to deliver exploration success, with discoveries at North Erregulla Deep-1, Trigg Northwest-1, South Erregulla-3 and Tarantula Deep-1. Five exploration permits were awarded in onshore Western Australia and two in Queensland. These permits were awarded with modest exploration work programs. The interest in carbon capture and storage projects and assessment acreage continues with a Federal offshore greenhouse gas (GHG) release round in 2023 and 26 onshore state jurisdiction GHG assessment permits awarded or nominated preferred tender status.

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