Australia emphasizes efficiencies amid lower prices, official says

The unprecedented plunge in global crude oil prices poses significant challenges for producers that previously benefited from using technologies considered unconventional, an Australian government official said. "What's really interesting is the decline in exploration expenditures-around 20% in 2015 and 20% so far in 2016," said Josh Frydenburg, Australia's minister for resources, energy, and northern Australia.

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