Australia’s offshore exploration activity at 14-year low

The Australian Petroleum Production and Exploration Association (Appea) has warned that the stalled oil and gas exploration in Australia could prove an economic risk. Using the latest data by the Australian Bureau of Statistics (ABS), which indicated that the slump in petroleum exploration in Australia continues, Appea CEO Dr Malcolm Roberts warned that if the trend continued, Australia risked missing its opportunity to capitalise on the rising global demand for energy.