SUMMARY COMMENTARY


MINERAL EXPLORATION (OTHER THAN FOR PETROLEUM)


TOTAL EXPENDITURE

The trend estimate for total mineral exploration expenditure rose 2.7% ($9.7m) to $364.1m in the December quarter 2015. The largest contributor to the rise in the trend estimate this quarter was Western Australia (up 3.1%, $6.5m). The current quarter estimate is 12.3% lower than the December quarter 2014 estimate.

The seasonally adjusted estimate for mineral exploration expenditure fell 1.4% (-$5.0m) to $365.3m in the December quarter 2015. The largest contributor to the fall this quarter was Western Australia (down 2.1%, -$4.6m).

In original terms, mineral exploration expenditure fell 3.0% (-$12.0m) to $382.0m in the December quarter 2015. Exploration on areas of new deposits fell 7.8% (-$9.0m) and expenditure on areas of existing deposits fell 1.1% (-$3.0m).

In original terms, the largest decrease by minerals sought came from expenditure on iron ore (down 9.4%, -$7.7m). Another large decrease came from expenditure on uranium (down 30.5%, -$4.7m).

METRES DRILLED

The trend estimate for metres drilled rose 3.7% in the December quarter 2015. The current quarter estimate is 1.1% higher than the December quarter 2014 estimate.

The seasonally adjusted estimate for metres drilled rose 9.0% in the December quarter 2015.

In original terms, metres drilled rose 6.9%. Drilling in areas of new deposits rose 29.6% and drilling in areas of existing deposits rose 0.6%.

PETROLEUM EXPLORATION


TOTAL EXPENDITURE

The trend estimate for total petroleum exploration expenditure fell 23.9% (-$139.9m) to $445.7m in the December quarter 2015. Exploration expenditure on production leases fell 5.4% (-$7.5m), while exploration expenditure on all other areas fell 24.3% (-$108.1m).

The seasonally adjusted estimate for total petroleum exploration expenditure fell 22.5% (-$132.1m) to $455.5m in the December quarter 2015. Exploration expenditure on production leases fell 16.0% (-$24.8m) and exploration expenditure on all other areas fell 24.8% (-$107.3m).

The largest contributor to the decrease in the trend estimate was Queensland (down 35.1%, -$33.6m) and the largest contributor to the fall in the seasonally adjusted estimate was Western Australia (down 17.6%, -$70.5m).

ONSHORE

The trend estimate for onshore petroleum exploration expenditure fell 27.8% (-$54.4m) to $141.2m in the December quarter 2015. Expenditure on drilling fell 40.7% (-$45.0m), while other onshore petroleum exploration expenditure fell 9.8% (-$8.3m).

The seasonally adjusted estimate for onshore petroleum exploration expenditure fell 30.5% (-$59.4m) to $135.6m in the December quarter 2015. Expenditure on drilling fell 43.9% (-$45.4m), and other onshore petroleum exploration fell 15.3% (-$14.0m).

OFFSHORE

The trend estimate for offshore petroleum exploration expenditure fell 19.8% (-$77.1m) to $312.5m in the December quarter 2015. Expenditure on drilling fell 25.1% (-$63.6m), while other offshore petroleum exploration expenditure fell 10.0% (-$13.6m).

The seasonally adjusted estimate for offshore petroleum exploration expenditure fell 18.5% (-$72.7m) to $319.9m in the December quarter 2015. Expenditure on drilling fell 22.5% (-$57.4m), and other offshore petroleum exploration expenditure fell 11.1% (-$15.3m).

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)	Release Date
March 2016	30 May 2016
June 2016	29 August 2016
September 2016	28 November 2016
December 2016	27 February 2017

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