Spending on petroleum exploration in Australia has fallen to its lowest in five years, according to data from the Australian Bureau of Statistics. Petroleum exploration spending in January-March fell by 34pc from the previous quarter to A$596mn ($593mn), with offshore spending declining by 30pc to A$433mn. Onshore exploration spending fell by 41pc to A$163mn. This is the lowest quarterly petroleum exploration budget since January-March 2007, when expenditure reached A$460mn.
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