Offshore exploration drilling for oil and gas in Australia is in the doldrums, and there are concerns that permit holders have been given too much leeway in addressing their permit commitments.
The exploration rot set in, much like it did elsewhere in the world, in late 2014 when the oil price collapsed.
In 2014, there were 20 offshore exploration wells drilled in Australia, while in 2015 there were 10, and in 2016 there were eight — the lowest number in 30 years.
