PETROLEUM OVERVIEW OIL & GAS EXPLORATION-STATUS AND OUTLLOOD

摘要

Exploration for acclaim In Queensland underwent a significant decline during 1998-99 with the key indicators, wells drilled, acreage under title and expenditure all decreasing. Seismic activity in the State decreased slightly but appraisal and development drilling for coal seam gas increased for the one bright spot. This decline in part was due to the 25-yew low in oil prices which occurred in December 1998 and, the time consuming complexity associated with the current native title regime resulting in only a few tenures being progressed.Production of gas, LPG and condensate was relatively static but the volume of crude oilproduction continues to decline. During 1998-99, an estimated 3000 million cubic metes of gas was produced (2985 million m~3 in 1997-98), 326 megalitres of LPG (306 megalitres in 1997-98), 305 megalitres of condensate (256 megalitres in 1997-98) and 592 megalitres of crude oil (690 megalitres in 1997-98). The production of coal seam gas increased from 68 million m3in 1997-98 to 120 miffing m~3. During 1998-99, the price for West Texas Intermediate OMT') crude oil fell from A