Attracting Oil Exploration Investment
14 May 2002
The Minister for Industry, Tourism and Resources, Ian Macfarlane, tonight announced funding of $8.5 million for Geoscience Australia to continue its research program supporting oil exploration.
Mr Macfarlane said that, without major new oil discoveries, Australian production is likely to fall by 40% over the next 10 years.
"It is vital to Australia's future that we make the best use of our energy resources. Geoscience Australia plays an important role in meeting this challenge. The data developed by Geoscience Australia allows industry to make well-informed decisions which can reduce the otherwise high risks associated with oil exploration," he said.
Australia is ranked by foreign investment bodies as the third most attractive country for oil companies considering new investment. By providing the data for exploration, Geoscience Australia ensures that Australia remains a competitive location for international investment in oil exploration.
Under this initiative Geoscience Australia will acquire and analyse geoscience data that's focused on identifying the potential of new exploration areas and promote this information to international explorers.
The program will be reviewed in 2002 to identify possible program improvements and industry will be closely consulted during the course of the review.
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