https://www.miningweekly.com

Queensland petroleum exploration activity in decline

18th May 2016

By: Creamer Media Reporter

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Queensland has suffered a severe decline in petroleum exploration over the past five years, with the state leading a national decline in both onshore and offshore exploration activity, the Australian Petroleum Production and Exploration Association (Appea) reported on Wednesday.

Appea director for Queensland Chris Lamont cited regulatory restrictions and uncertainty as some of the main reasons for exploration being in decline.

“Analysis of exploration activity confirms that falling commodity prices are just one of the factors responsible for declining exploration,” he said, adding that exploration activity in Queensland had started to fall well before the relatively recent decline in the global oil price.

Citing the Australian Bureau of Statistics, Lamont reported that Australia’s onshore petroleum exploration had fallen by 27.8% in the December quarter, with Queensland being the largest contributor to the decrease.

Appea believed regulatory creep, a lack of highly prospective new acreage, data gaps, diminished access to capital and constraints on access were responsible for the decrease in exploration in Queensland.

“Queensland’s exploration industry is of critical importance to the state’s energy security and is an essential ingredient for future employment and business growth,” Lamont said.

“It is vital that Queensland has a vibrant and active exploration sector not just to identify future natural gas sources, but in identifying the most cost effective and productive areas from which to source supply.”

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 
M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.187 0.224s - 88pq - 2rq
Subscribe Now