ABS figures reveal SA as top spender on petroleum exploration

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Image credit: flickr user jandb.palmer

Official Australian Bureau of Statistics (ABS) figures show South Australia has spent $531.3 million on search for oil and gas in 2013/14.

ABS figures reveal SA as top spender on petroleum exploration
Image credit: flickr user jandb.palmer

According to the news release by Premier Jay Weatherill, combined minerals and petroleum exploration reached a record high of $647.6 million for South Australia, up from $616.7 million for 2012/13, with spending on exploration for petroleum jumping 186.6% to $265.7 million in the June quarter from $92.7 million in the March quarter.

“We are rewriting the record books as South Australia’s oil and gas sector experiences a new lease of life. Recent reporting to the Australian Stock Exchange by our oil and gas producers shows output reached record levels in the past year,” said Premier Weatherill who is also acting Mineral Resources and Energy Minister.

“Now we have exploration figures confirming the huge amount of investment that is pouring into our State to identify new oil and gas wells and define our potential for natural gas in unconventional reservoirs. The record levels of investment in exploration is creating jobs and boosting regional economies across our State.”

According to Mr Weatherill, the ABS figures show that South Australia is the home of numerous successful energy companies.

The state’s mineral exploration expenditure for the June 2014 quarter rose 17.3% to $29.1 million in the June quarter, up from $24.8 million in the March quarter.

“The South Australian Government has invested $2 million to create a major new package of geo-scientific data sourced from the WPA Gawler Craton Gravity Survey,” the Premier said.

“By providing high-resolution data covering about 42,500 square kilometres, we are helping explorers with tenements in the Gawler Craton to better target the next major discovery.”