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Australia Posts Record Year For Exploration Spending

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By Peggy Williams, Hart Energy
April 17, 2014

Perth, Western Australia—Total exploration expenditure in Australia was some AU$4.5 billion (US$4.2 billion) in 2013, a new record and up 13% over prior-year levels, Santos Ltd. (ASX: STO.AX) senior geologist Patrick Despland said at the recent Appea Conference in Perth. And onshore spending accounted for the most growth, although it still totals less than half of offshore spending.

“The last five years are marked by a resurgence in onshore activity, whereas offshore exploration has declined steadily,” said Despland, who delivered the annual review of exploration activities for the Petroleum Exploration ...

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