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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Dayuhan who wrote (9308)	9/12/1999 8:21:00 PM
From: Ron Bower	Respond to of 9980

Steve, RE earlier posts on oil in Timor Sea- PETROLEUM EXPLORATION ACTIVITY INCREASES Australia's petroleum exploration industry is performing at a very high level. According to figures released today by the Canberra-based Bureau of Resource Sciences (BRS), 148 exploration wells were drilled in Australia in 1995. "Offshore, 56 exploration wells were drilled which is the second highest level of drilling exceeded only by the record number of 64 wells drilled during 1990," BRS's Director of Petroleum Resources, Dr Paul Williamson said. "The offshore drilling program carried out by the petroleum industry has led to significant discoveries off Western Australia which have yielded oil and/or gas at Gwydion, Wonnich, Perseus, Sculptor and Cycad." In the Timor Sea, important oil discoveries were made at Elang West and Corallina, and gas/condensate was found at Undan and Bayu. Numerous small discoveries have been made onshore in the Cooper/Eromanga, Surat, Galilee, Otway, Perth and Bonaparte Basins. "These discoveries have added considerably to the prospectivity of some of the areas, confirmed the presence of a major new oil and gas province in the Timor Sea area and could significantly add to Australia's petroleum reserves," Dr Williamson said. Dr Williamson added that the sustained high level of seismic acquisition is proving very effective in delineating exploration targets offshore northwestern Australia, particularly in the Timor Sea and the Carnarvon Basin area. BRS, a scientific bureau within the Commonwealth Department of Primary Industries and Energy, compiles the information and statistics quarterly. It monitors and provides analysis and resource assessments on petroleum activity throughout Australia. For copies of Australian Petroleum Exploration and Development Statistics (1 October to 31 December 1995), please contact Eugene Petrie on (06) 272 4837.