$917.4m
$XX.Xbn
2,822
400
$XXX.Xm
Petroleum explorers provide onshore and offshore drilling and exploration services. Oil and gas producers use these services to establish a portfolio of future projects. Exploration-only companies identify reserves that are attractive to larger players on a contract basis. Petroleum exploration is inherently risky and capital-intensive. Rising commodity prices assist industry players, increasing the potential benefit that exploration companies can generate by identifying unproven resources. Onshore exploration has overtaken offshore exploration over the past decade to become the industry's largest source of revenue. Expenditure on petroleum exploration is expected to fall at an annualised 4.8% over the five years through 2022-23, to an estimated $917.4 million.Exploration activity has displayed significant volatility over the past five years, with instability in global energy markets flowing through to demand for petroleum exploration services. Larger vertically integrated players reduced spending on exploration in response to volatile energy prices during the COVID-19 pandemic, while pure-play exploration companies have struggled to raise the capital required for exploration. In response to falling prices and uncertain demand conditions, many firms across the oil and gas sector delayed investment decisions and reduced capital expenditure. As a result, demand for exploration services fell sharply in 2020-21. While exploration activity rebounded in 2021-22, rising capital costs, higher exploration drilling prices and tight labour market conditions are set to weigh on exploration activity in 2022-23, causing petroleum exploration revenue to fall by an estimated 22.0%.Changes in the domestic energy market are likely to support industry growth over the next five years. Asia's LNG consumption is set to continue growing and elevated global energy prices are projected to support petroleum exploration activity. High pressure on the eastern seaboard energy market may encourage state governments to roll back regulation on onshore exploration. However, a volatile regulatory environment for oil and gas producers may create some hesitancy to invest in exploration. Overall, industry revenue is forecast to increase at an annualised 2.6% over the five years through 2027-28, to an estimated $1.0 billion.
Industry revenue has declined at a CAGR of 4.8 % over the past five years, to reach an estimated $917.4m in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 |
---|---|---|
Woodside Petroleum Ltd | N/A |
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Industry revenue is measured across several distinct product and services lines, including Offshore exploration drilling, Other offshore exploration services and Onshore exploration drilling. Offshore exploration drilling is the largest segment of the Petroleum Exploration in Australia.
Onshore exploration drilling has become the industry's main service
Industry companies conduct exploration for crude petroleum and natural gas.
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ANZSIC 1011 - Petroleum Exploration in Australia
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Volatile oil and gas prices have driven significant swings in petroleum exploration expenditure. Expenditure has fallen as major oil and gas producers have looked to rational...
Learn about an industry's products and services, markets and trends in international trade.
Gas has increasingly become the dominant commodity sought by exploration companies. Australia has become one of the world’s largest LNG exporters, while domestic oil producti...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Western Australia is home to most petroleum exploration companies. The state accounts for over 40.0% of business locations and over half of Australia’s domestic gas productio...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Pure-play exploration companies compete to attract funding based on the attractiveness of their exploration prospects and quality of management. Producers benefit from having...
Learn about the performance of the top companies in the industry.
Major oil and gas producers undertake exploration activity on their own account. These activities are recorded as an expense rather than a revenue-generating activity. Revenu...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Volatile oil and gas prices and changing market dynamics have driven significant swings in exploration expenditure. The Russia-Ukraine conflict and changing global trade flow...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Tight labour market conditions have pushed operating costs higher for exploration companies. Border restrictions during the COVID-19 pandemic increased competition for worker...
Including values and annual change:
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Key data sources in Australia include:
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The market size of the Petroleum Exploration industry in Australia is $917.4m in 2024.
There are 400 businesses in the Petroleum Exploration industry in Australia, which has declined at a CAGR of 4.2 % between 2018 and 2023.
The market size of the Petroleum Exploration industry in Australia has been declining at a CAGR of 4.8 % between 2018 and 2023.
Over the next five years, the Petroleum Exploration industry in Australia is expected to grow.
The biggest company operating in the Petroleum Exploration market in Australia is Woodside Petroleum Ltd
Offshore exploration drilling and Other offshore exploration services are part of the Petroleum Exploration industry.
The company holding the most market share in Australia is Woodside Petroleum Ltd.
The level of competition is moderate and steady in the Petroleum Exploration industry in Australia.