Energy to the Year 2001: A 1981 Perspective of Australia's Oil Exploration Outlook

There are still vast areas of Australia in which either the hydrocarbon potential has already been indicated but from which no hydrocarbons have been produced or else are completely untested. Despite the lack of recent new oil discoveries, it is anticipated that initial gas discoveries in these areas will be followed by oil discoveries as has happened historically. General exploration activities are continually providing new information that is being input to update previous hydrocarbon assessments for Australia, and all indications are that future exploration efforts will discover a lot of gas, some small oil pools and there is a chance to prove a major new oil province. Because of this, it is anticipated that reserves growth will continue at the average historical rate of about 200 MMB/year until the year 2000. The most frequent scenario will be costly exploration resulting in small oil discoveries and high development costs. This, in the past, has resulted in low profitability for Australian oil exploration, but windfalls for the Australian government.