According to APPEA, there is an urgent need to address the decline in Queensland exploration experienced over the last 5 yrs.
APPEA Director for Queensland Chris Lamont said the decline in petroleum exploration in the state is leading a national decline in exploration activity for both onshore and offshore activity. “We have a clear need for more exploration activity but a plethora of regulatory restrictions and uncertainty are frustrating the industry in ensuring there is the necessary activity in exploration to meet future energy needs.”
The Australian Bureau of Statistics has confirmed that onshore petroleum exploration fell 27.8% in December 2015, the largest contribution to this decrease was Queensland down 35.1%.
“Analysis of exploration activity confirms that falling commodity prices are just one of the factors responsible for declining exploration,” Mr. Lamont said. “It is evident that exploration activity in Queensland was falling well before the relatively recent decline in the global oil price.”
“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,” Mr. Lamont said. “It is vital that Queensland has a vibrant and active exploration sector not just to identify future natural gas sources, but also in identifying the most cost-effective and productive areas from which to source supply.”
Edited from press release by Angharad Lock
Read the article online at: https://www.worldpipelines.com/business-news/19052016/appea-more-queensland-exploration-needed-3556/