Australia oil and gas exploration spend hits decade low

March 8, 2016

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Exploration rates in the oil and gas sector have fallen to decade lows on the back of declining oil and gas prices.

Energy analyst EnergyQuest on Wednesday revealed that the total number of exploration and development oil and gas wells drilled in Australia nearly halved between 2014 and 2015, falling from 1 534 in 2014 to just 821 in 2015, including exploration wells falling from 119 to 54.

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