Australia is seeking to boost historically low oil and gas exploration activity to address growing energy security concerns and reduce its heavy reliance on imported liquid fuels. This drive involves releasing new offshore exploration areas and planning key wells, but it faces significant opposition from environmental groups and political calls for measures like windfall taxes on producers.

Energy Security Context and Investment Decline

Australia's exploration activity is at a low, with years of under-investment becoming critical amid global energy security woes. The country now relies on imports for about 90% of its liquid fuel needs, a stark contrast to its self-sufficiency in 2000. Analysis indicates Australia attracts only 15% of major international oil companies' investment portfolios, down from 40% over a decade ago, with most surveyed believing it is a less attractive investment destination. The domestic natural gas market is also expected to face increasing tightness by the end of the decade.

New and Planned Exploration Activities

The government has released five new offshore exploration areas in the Otway basin to uncover new resources. Several key wells are planned on existing acreage:

• Gulf Energy's Lion-1 probe in the shallow-water Bamaga basin, which could open a new offshore petroleum basin with significant estimated gas resources. Additional leads in the area have been identified.
• Santos's campaign in the Roebuck basin, targeting multiple prospects with drilling potentially extending until 2031, alongside planned seismic surveys.
• Forte Energy's efforts to commercialise its permit in the Browse basin, including evaluating funding to drill the Idris-1 well.

Additionally, ExxonMobil continues investing in Bass Strait gas, and a recent onshore development has started: the Taroom trough, hailed as Australia's first new oilfield in 50 years, with initial production operated by Shell.

Opposition and Environmental Challenges

The push for more exploration encounters stiff opposition, leading to protracted court battles. This is exemplified in the Great Australian Bight, where past exploration plans by major companies were abandoned or failed to receive environmental approval. While the Prime Minister cited commercial reasons for previous decisions not to drill there, environmental pressure has been a significant factor. The issue of opening up more resources remains a source of robust debate, balancing energy security needs against environmental concerns.