Oil and Gas News

Oil and gas industry experiences downfall in first quarter

The Australian Bureau of Statistics has revealed in its latest data that oil and gas exploration across Australia has dropped by $83.7 million in the first quarter compared with the fourth quarter of 2019.

The data revealed that the largest contributor to the fall was Queensland, which was 45.5 per cent with a $32.3 million loss.

Despite trying times amid COVID-19, ABS recorded that metres drilled rose by 3 per cent in the first quarter compared to the 2019 fourth quarter.

Total expenditure for exploration fell $4.3 million to $712.7 million in the first quarter, with New South Wales recording the biggest spend of $17.1 million, a 20 per cent decrease compared the previous quarter.

In the 2019 fourth quarter, ABS recorded that total expenditure rose 11 per cent with $40.8 million increase to $410.1 million.

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