2024: exploration year in review
Sue Slater A *A
Sue is a geologist and currently retired from full-time work, but consults through Ray Slater & Associates. She has been a member of the PESA (Petroleum Exploration Society of Australia) Queensland branch committee since 2007, serving as Branch President for 4 years between 2009 and 2014, and remains an active member of that committee. In 2017, Sue’s contributions to PESA and the Queensland petroleum sector were recognised by the award of Distinguished Member of PESA. In 2019, Sue won the inaugural Exceptional Woman in Exploration in Queensland Resources Award from WIMARQ and QRC. Sue was President of QUPEX (Queensland Petroleum Exploration Association) in 2022. |
Abstract
In 2024, petroleum exploration expenditure increased both offshore and onshore, compared to 2023 numbers; however, this does not equate to a commensurate increase in activity. Onshore jurisdictions dominated the exploration and appraisal activities. In total, 82 exploration and appraisal wells were drilled in 2024 (spud date after 31 December 2023). Sixty of these were appraisal wells, and this was dominated by coal seam gas appraisal drilling in Queensland. Despite the release of the Australian Government’s Future Gas Strategy, there does not appear to be much in the way of tangible actions to increase exploration. All jurisdictions make land available for exploration via competitive tender, but in 2024 there were no land releases. Seismic activity in offshore jurisdictions is being limited with new Commonwealth awards being granted without the right to acquire new seismic. Carbon capture and sequestration (CCS) activity continued offshore with the grant of eight of the 2023 land release areas occurring in 2024. While Western Australia, South Australia and the Northern Territory are taking steps to create the framework for CCS exploration, in Queensland, a sudden announcement saw the cessation of all CCS activity in the Great Artesian Basin, and importantly also the underlying strata. This ban applies to the use of CO2 in enhanced oil recovery as well. South Australia continues to take lead in natural hydrogen exploration.
Keywords: acreage release, appraisal, drilling, exploration, greenhouse gas, hydrogen, petroleum, seismic.
Sue is a geologist and currently retired from full-time work, but consults through Ray Slater & Associates. She has been a member of the PESA (Petroleum Exploration Society of Australia) Queensland branch committee since 2007, serving as Branch President for 4 years between 2009 and 2014, and remains an active member of that committee. In 2017, Sue’s contributions to PESA and the Queensland petroleum sector were recognised by the award of Distinguished Member of PESA. In 2019, Sue won the inaugural Exceptional Woman in Exploration in Queensland Resources Award from WIMARQ and QRC. Sue was President of QUPEX (Queensland Petroleum Exploration Association) in 2022. |
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