LAND WELLS MAY PUSH AUSTRALIAN WILDCATTING TO 3 YEAR HIGH

Australian exploratory drilling may be heading for its highest level in 3 years, says the Bureau of Mineral Resources, Geology & Geophysics, Canberra. Current trends suggest that operators will drill more exploratory wells this year than the 177 they drilled last year, said Dr. Paul Williamson, assistant director, petroleum. Extremely strong onshore activity is making up for a weak exploratory drilling level offshore. Operators drilled 60 land exploratory wells through June 1991, compared with

Aug. 12, 1991

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Australian exploratory drilling may be heading for its highest level in 3 years, says the Bureau of Mineral Resources, Geology & Geophysics, Canberra.

Current trends suggest that operators will drill more exploratory wells this year than the 177 they drilled last year, said Dr. Paul Williamson, assistant director, petroleum.

Extremely strong onshore activity is making up for a weak exploratory drilling level offshore.

Operators drilled 60 land exploratory wells through June 1991, compared with 41 in the same period last year.

Despite relatively low levels of domestic capital available for land exploration, some companies have successfully obtained farmout partners in order to fund drilling, Williamson said.

Offshore exploratory drilling, meanwhile, is half the 1990 pace. Operators have drilled 17 offshore wildcats this year.

Forecasts indicate that 35-40 offshore wildcats will be drilled this year, compared with 64 last year, Williamson said. The lower offshore activity can be attributed to several factors, including disappointing results recently in the Timor Sea and Bass Strait.

A number of program commitments have been completed, and several others have been suspended temporarily and are being reassessed after last year's high levels of activity.

"Last month's award of eight new permits in the Perth basin should foreshadow sustained exploration activity over the next several years," Williamson said.

Operators drilled 242 exploratory and development wells in and off Australia in 1990 and 224 in 1989.