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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