There are signs that Australian oil and gas exploration is starting to recover from the doldrums that have been the feature of recent years, a special background report by EnergyQuest Associated and exploration analyst David Upton has revealed.
Calendar 2019 has begun strongly with the success of offshore wells Corvus-2 and Dorado-2.
• Offshore exploration and appraisal drilling is finally beginning to recover, with eight wells to be drilled in 2019, up from only five in 2018.
• Activity is still well down compared to levels before the collapse in oil prices five years ago (i.e. eight wells in 2019 versus 30 in 2014).
• Results for two of this year’s eight wells have been announced so far, with important successes at both (Corvus-2 and Dorado-2).
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