Capital spending by Australia's exploration and production sector jumped 46% in 1993 from the 1992 level.
Figures compiled by the Australian Petroleum Exploration Association (APEA) show Australian E&P outlays totaled $2.79 billion (Australian) in 1993, up from $1.91 billion in 1993. Much of the increase reflected the high level of activity off Western Australia.
Exploration and production outlays by Australian companies outside Australia also were up sharply in 1993. Non-Australian outlays rose to $1.38 billion in 1993 from $930 million in 1992.
APEA said the increased overseas spending by Australian companies is a sign of a mature industry spreading its risks and following opportunities in other countries. At the same time, however, the move away from Australian exploratory spending, especially onshore, is cause for concern, the Association warned.
