Queensland’s $56 billion resource industry is outperforming other states in exploration activity and is continuing to reap the benefits of high commodity prices and a continued boost in exports and jobs.
This week’s Mineral and Petroleum Exploration Australian Bureau of Statistics Report shows that while other states were facing a downturn, Queensland exploration expenditure continued to boom.
The Report shows that investment in Queensland minerals exploration has increased by 36% to $266.6 million in 12 months and by 6 %per cent since December 2017.
Minister for Natural Resources, Mines and Energy Dr Anthony Lynham says the numbers are good news.
“All evidence points to Queensland’s exploration windfall continuing to increase in coming quarters as gas producers and global oil prices improve and continue to drill to ensure long-term gas for both domestic consumers and LNG exports.”
“In addition to our strong investment climate, Queensland’s boost in minerals exploration expenditure has come from strong growth in exploration for copper (up 65 %; gold up 22%; coal 21% for the 12 months to March 18.”
“Our petroleum exploration expenditure also is up 40 % on the previous 12 months, to $175 million and we continue to be the destination of choice for petroleum exploration in Australia.”
While Queensland continues to strengthen, other large petroleum producing states such as Western Australia, the Northern Territory and South Australia have unfortunately seen their expenditure go backwards, with national petroleum exploration expenditure experiencing a 23% decline.