The ABS revealed its trend estimate for total petroleum exploration expenditure in Australia fell 19.4% in the June quarter to A$318.4 million (US$242 million), while its seasonally adjusted estimate slipped 30.8% to A$295.3 million, with a drop in spending in Western Australia blamed for the majority of the decline.
The Australia Petroleum Production & Exploration Association (APPEA) said the statistics were “an urgent wake-up call” for both government and industry.
“While
