Session 23. Oral Presentation for: Exploration year in review: 2025

Presented on 20 May 2026: Session 23 During 2025, 57 exploration and appraisal wells were drilled, down from a 5-year peak of 82 in 2024. Twenty-eight of the 57 wells were exploration wells, boosted by five offshore exploration wells (three in the Otway Basin and two in the Carnarvon Basin). Success rates were 40% for offshore wells (2/5), 50% for conventional onshore exploration (9/18), and 100% for Coal Seam Gas (CSG) exploration (5/5). Petroleum exploration expenditure during 2025 continued a 3-year trend of modest increases in expenditure, despite similar activity levels to the last 5 years. For the first time since 2019, offshore expenditure exceeded onshore expenditure. The amount of acreage under licence fell for the seventh consecutive year, with steady declines across both onshore and offshore acreage. Exploration activity was highest in onshore basins such as the Perth Basin (six wells) and Cooper Basin (11 wells) and in the CSG Sector (five wells). Appraisal activity was dominated by CSG wells (24) in the Surat Basin. Challenges continue to increase for the marine seismic industry post the 2024 Future Gas Strategy release and co-ordinated opposition to Environmental Plans. Support for petroleum exploration (grants, financial incentives, and acreage releases) mostly came from the SA and Qld state governments. The federal government announced an offshore release of five blocks in the Otway Basin. The Taroom trough remains the most active frontier basin for exploration, albeit in the deal/acreage space. Exploration for hydrogen, gas storage, geothermal energy, and carbon capture and storage exploration/appraisal were only a small part of the industry’s activity during 2025. To access the Oral Presentation click ‘Supplementary data’ below. To read the full paper click here