There’s more to Australia than Kangaroos and Koalas such as 50 relatively under-explored sedimentary basins. Of those, only 12 are producing oil and gas while 4 have been confirmed to have non-commercial reserves. The remaining 34 basins have seen very little exploration if any as they have not been drilled to any significant extent.
Australia’s 30 on-shore drilling rigs are dwarfed by a fleet of more than 800 rigs in Canada. The bulk of petroleum spending in OZ is directed offshore leaving only 13% for onshore exploration. Australia is an LNG exporter but imports 55% of its domestic oil demand. … Continue Reading