Like many other E&P arenas around the world, Australia has been affected by the falling oil price. As a result, many companies have reviewed their exploration programmes and have reduced workforces. While this is expected to translate into submissions of more conservative work programmes in the coming bidding rounds, it is also noticeable that the appetite for new acreage continues to be strong. Add to this several new discoveries, as well as the finalisation of some large development projects over the next two years, and Australia is clearly able to maintain its status as a premier investment destination in the energy sector.
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