Australian energy exploration hits 10-year high as Asian gas demand surges

AI Summary

Energy exploration in Australia has reached a 10-year high due to increased Asian gas demand and improved investment conditions. Quarterly oil and gas exploration spending surged to A$471 million amid global geopolitical tensions such as the Iran war highlighting supply urgency.

Energy exploration has picked up sharply in Australia, driven ⁠by growing Asian gas demand, technological advances and an improved investment climate, with the Iran war ⁠underscoring the urgency to develop supply after years of sluggish spending. Quarterly oil and gas exploration spending in Australia, the world’s No 2 liquefied natural gas producer, hit a 10-year high of A$471 million (US$324 million) in the March quarter, government data released in June showed. Energy investment sentiment has...