Australia’s petroleum exploration spend fell nearly 20% in June, according to the latest figures.
The Australian Bureau of Statistics said there was $76.9million shortfall in exploration expenditure in June.
“The largest contributor to the decrease in the trend estimate was Western Australia (down 14.9%, -$44.6m) and the largest contributor to the fall in the seasonally adjusted estimate was Western Australia (down 33.1%, -$110.5m),” the report read.
Onshore spend fell 35% to $62million.
The report added: “Expenditure on drilling fell 32.7% (-$13.7m) and other onshore petroleum exploration expenditure fell 34.3% (-$18.4m).
“The seasonally adjusted estimate for onshore petroleum exploration expenditure fell 29.9% (-$27.7m) to $64.8m in the June quarter 2016. Expenditure on drilling fell 26.9% (-$11.8m) and other onshore petroleum exploration fell 32.6% (-$15.9m).”
Offshore, the trend estimate for offshore petroleum exploration expenditure fell 13.2% (-$39.6m) to $259.8million.
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