Exploration and appraisal year in review 2022

Abstract

Petroleum exploration activity in Australia decreased in 2022. The total number of exploration wells drilled and expenditure across Federal offshore and state jurisdictions decreased from 2021 levels. The number of exploration permits awarded and acreage made available for exploration was also lower than that of 2021. However, more appraisal wells were drilled in 2022. Onshore exploration expenditure in Australia has exceeded that of the offshore since 2019 and remains the focus of exploration activity. Exploration activity and expenditure has not followed the increase in oil and gas prices of recent years, suggesting external factors are suppressing and impeding exploration activity. Twenty-six exploration wells were drilled in the year compared to 29 in the previous year, resulting in one offshore and eight onshore petroleum discoveries. The Pavo oil discovery in the Bedout Sub-basin and in the same exploration play as the Dorado oil discovery of 2018, was the only offshore discovery in 2022. Onshore exploration ‘hot-spots’ include the Northern Perth Basin and the Cooper–Eromanga Basin. The Permian Kingia Sandstone play of the Northern Perth Basin yielded the South Erregulla and Gynatrix gas discoveries, and the Jurassic Namur Sandstone play of the Cooper – Eromanga ‘Western Flank’ was extended yielding the Bangalee-1, Coorong-1, Magic Beach-1 and Rocky-1 oil discoveries.