Reported at smallcaps.com.au: Australian oil and gas exploration has seen a significant turnaround, with a 20.6% increase in expenditure to $390.1 million, according to the latest figures from the Australian Bureau of Statistics.

Onshore exploration rose by 26.2%, while offshore exploration increased by 12.6%, driven by new drilling programs along the Western Australian, South Australian, and Victorian coasts.

Notably, Northern Territory expenditure reached $200 million in the last quarter of 2024, marking a 469% increase over the previous year, reflecting heightened investor confidence in the region’s gas resources.