Home arrow News and Articles arrow APPEA: Australian oil dwindling - more exploration needed
APPEA: Australian oil dwindling - more exploration needed PDF Print E-mail
Monday, 08 May 2006
News from APPEA via the Adelaide Advertiser on a speech by Australian Petroleum Production and Exploration Association chief executive Belinda Robinson at the anuual APPEA conference in Queensland.
[from Adelaide Advertiser]Australian Petroleum Production and Exploration Association chief executive Belinda Robinson said the number of wells drilled last year was 25 per cent down on the previous year, with Australian companies spending larger portions of their exploration funds overseas...

[FromThe Herald Sun]The Australian Petroleum Production and Exploration Association (APPEA) and consultants Wood Mackenzie found local oil production had already fallen from about 80 per cent of domestic demand to about 60 per cent in the past decade.
But that could plummet to as low as 20 per cent by 2015 without major new oil discoveries.

APPEA is realeasing an issues paper on the future of the Australian oil and gas industry. APPEA is as ever after govt assistance or tax breaks to encourage exploration, citing increased investment as the only way to even keep production level. The issues paper however is realistic about the likelyhood of the required investement occuring in the short term due to the same logistical contraints dogging the industry worldwide:

[from Adelaide Advertiser]The paper says exploration must rise 67 per cent to 75 wells a year to maintain current oil production, but constrained equipment availability means this is already out of reach.

"This 75-well target is already out of reach and Australia will be fortunate if 25 offshore wells can be drilled in each of 2006 and 2007," the paper says.

 
< Prev   Next >
[ Back ]
Newsletters

Keep up to date! Subscribe to the ASPO Newsletter.
Advertisement