Oz Announces Support for Exploration Industry

The Australian government has announced a further investment of A$125mn (US$86mn) in the exploration-stimulation programme, it said on June 23 in a statement.

The government’s investment adds to the A$100mn previously spent on Geoscience Australia’s Exploring for the Future (EFTF) programme, which it feels will drive investment, generate jobs and secure the future of the resources sector.

The EFTF programme uses a series of techniques to map the geological structures. This freely available information creates a better understanding of mineral, energy and groundwater systems, the government said.

Minister for resources, water and northern Australia Keith Pitt said expanding the programme would deliver immediate and long-term benefits to multiple sectors, including resources and agriculture.

“The Australian government is focused on creating new jobs to help Australia recover from impact of the Covid-19 pandemic.  Our resources sector has been the standout performer over the last few months, continuing to operate safely during these unprecedented times,” the minister said.

Upstream industry group Australian Petroleum Production & Exploration Association (Appea) CEO Andrew McConville said the extension of the programme would help exploration companies continue to play a critical role in the identification and development of new energy resources.

The EFTF is a world-leading exploration-stimulation program that will expand its reach to cover the whole of Australia, helping create a better understanding of our mineral, energy and groundwater systems, McConville said.

“The challenging conditions facing the industry, both globally and in Australia, mean it is more important than ever to ensure the policy and regulatory framework facing the oil and gas industry in Australia remains competitive and encourages further exploration and development activity,” he said.