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. 鈥淲e 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.鈥�
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%.
鈥淎nalysis of exploration activity confirms that falling commodity prices are just one of the factors responsible for declining exploration,鈥� Mr. Lamont said. 鈥淚t is evident that exploration activity in Queensland was falling well before the relatively recent decline in the global oil price.鈥�
鈥淨ueensland鈥檚 exploration industry is of critical importance to the state鈥檚 energy security and is an essential ingredient for future employment and business growth,鈥� Mr. Lamont said. 鈥淚t 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.鈥�
Edited from press release by