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Queensland leads exploration activity

The release of the Mineral and Petroleum Exploration Australian Bureau of Statistics Report showed that while other states were facing a downturn, Queensland exploration expenditure continued to boom.

“Investment in Queensland minerals exploration has increased by an impressive 36 per cent to $266.6 million in 12 months and 6 per cent since December 2017,” said Queensland Minister for Natural Resources, Mines and Energy Dr Anthony Lynham.

Despite an increase of 25 per cent nationally, Queensland is still leading the national average of exploration expenditure by 11 per cent.

“Our petroleum exploration expenditure also is up 40 per cent on the previous 12 months, to $175 million and we continue to be the destination of choice for petroleum exploration in Australia,” said Dr Lynham.

Other large petroleum producing states such as Western Australia, the Northern Territory and South Australia have seen their expenditure go backwards, with national petroleum exploration expenditure experiencing a 23 per cent decline.

“All evidence points to Queensland’s exploration windfall continuing to increase in coming quarters as global oil prices improve and gas producers continue to drill to ensure long-term gas for both domestic consumers and LNG exports,” said Dr Lynham.

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