Australian oil exploration to be increased

Press, 30 April 1981, Page 18

Australian oil exploration to be increased

PA Sydney Australia’s oil explorers and producers are planning a substantial increase next year over the 1981 targets for the number of exploration and development wells to be d-illed in the country. A survey by the Australian Petroleum Exploration Association had revealed that the industry plans more than 300 wells in exploration and development projects during 1982, .the report said. A previous survey earlier this year put the 1981 target at 226 wells. A rapid escalation in exploration budget during the next five years was also likely, the survey said.

The earlier prediction put. the company exploration budget at about SIIBOM for the period 1980 to 1985, but it was now apparent that this figure would be reached before 1983. APEA’s projection of exploration and development expenditure in 1981 still stood at SI4OOM — of which S4OOM was ear-marked for exploration work. No cost calculations for 1982 were yet available but expenditure on exploration and development was expected to be substantially higher than in 1981, the report said. Expenditure on exploration in 1979 was S22BM and last year it rose to $355M.