Petroleum Developments in Australia and Oceania in 1973

Abstract

Petroleum exploration activity decreased by 40 to 50 percent in Australia during 1973 relative to 1972. The decrease is attributed to several political and economic factors believed to be unfavorable to the oil and gas industry. Sixty-seven exploration wells and 16 development wells were drilled or drilling in Australia during 1973. About half of the exploration wells were drilled offshore. Offshore, the principal active areas remained the Gippsland basin of Victoria and the northwest shelf of Western Australia. Onshore, there was little significant drilling activity with exception of the Cooper basin of northeast South Australia and southwest Queensland. In this basin there were only 3 exploration tests drilled, but all were gas discoveries. In 1973 Australian oil production was 22,443,266 cu m (141,168,140 bbl) and gas production was 4,343,102,000 cu m (153,832,670,000 cu ft). At mid-1973 Australia's reserves were about 4.5 billion bbl of oil and natural gas liquids and 38 Tcf of gas. Three new-field discoveries and 1 deeper pool discovery on the northwest shelf, together with successful delineation wells on 3 new fields in the Gippsland basin should increase the total reserve. In Papua-New Guinea 2 new areas of exploration drilling not tested previously included the Sepik basin of northern New Guinea and southeast of Papua in the offshore part of the Vogel basin. Geophysical exploration was the principal activity in several parts of Oceania during 1973. Fiji appears to have been the site of greatest activity in this region.