THE AUSTRALIAN SEARCH FOR PETROLEUM: PATTERNS OF DISCOVERY

Abstract

Three cycles of successful commercial hydrocarbon exploration and discovery have occurred in Australia since 1960, although sporadic efforts to locate oil accumulations have occurred since 1860. The first cycle of successful exploration, from 1960 to 1972, revealed most of the productive basins and all of the giant oil fields found to date. After an interval of very low drilling rates between 1973 and 1978, exploration activity returned to strong levels for a second cycle of discovery between 1978 and 1988. A third cycle commenced in 1989 when there was an increase in exploration activity and the number of hydrocarbon discoveries again, after a low point in the mid 1980s.

The discovery of oil and gas fields is dependent on the rate of exploration activity, geological endowment, exploration efficiency and chance. Technology and geological knowledge influence exploration efficiency. The main driver of exploration activity is the profit motive, which is modified by government policies, oil price, markets, and perceived prospectivity. Discovery itself is a powerful stimulus to further exploration. Through the last 40 years these factors have varied in their impact on exploration and the resulting petroleum discoveries.