SUMMARY COMMENTARY


MINERAL EXPLORATION (OTHER THAN FOR PETROLEUM)


TOTAL EXPENDITURE

The trend estimate for total mineral exploration expenditure increased 2.3% ($10.4m) to $457.1m in the December quarter 2017. The largest contributor to the increase in the trend estimate this quarter was New South Wales (up 7.0%, $3.3m). The current quarter estimate is 22.0% higher than the December quarter 2016 estimate.

The seasonally adjusted estimate for total mineral exploration expenditure rose 4.1% ($18.0m) to $460.1m in the December quarter 2017. The largest contributor to the rise this quarter was New South Wales (up 29.1%, $12.5m).

In original terms, mineral exploration expenditure rose 4.4% ($20.9m) to $496.1m in the December quarter 2017. Exploration expenditure on areas of new deposits rose 2.4% ($3.8m) and expenditure on areas of existing deposits rose 5.4% ($17.1m).

In original terms, the largest increase by minerals sought came from expenditure on gold (up 8.3%, $16.0m).

METRES DRILLED

The trend estimate for metres drilled fell 0.2% in the December quarter 2017. The current quarter estimate is 17.4% lower than the December quarter 2016 estimate.

The seasonally adjusted estimate for metres drilled fell 2.6% in the December quarter 2017.

In original terms, metres drilled fell 5.1%. Drilling in areas of new deposits fell 9.0% and drilling in areas of existing deposits fell 2.9%.

PETROLEUM EXPLORATION


TOTAL EXPENDITURE

The trend estimate for total petroleum exploration expenditure fell 13.2% (-$38.8m) to $254.3m in the December quarter 2017. Exploration expenditure on production leases fell 4.2% (-$2.3m) and exploration expenditure on all other areas fell 13.2% (-$31.4m).

The seasonally adjusted estimate for total petroleum exploration expenditure fell 15.1% (-$43.2m) to $242.6m in the December quarter 2017. Exploration expenditure on production leases fell 4.6% (-$2.4m) and exploration expenditure on all other areas fell 17.5% (-$40.9m).

The largest contributor to the decrease in the trend estimate was Northern Territory (-42.7%, -$31.3m) and the largest contributor to the fall in the seasonally adjusted estimate was Western Australia (-12.5%, -$18.1m).

ONSHORE

The trend estimate for onshore petroleum exploration expenditure fell 22.8% (-$22.9m) to $77.7m in the December quarter 2017. Expenditure on drilling fell 22.4% (-$12.7m) and other onshore petroleum exploration expenditure fell 21.6% (-$9.5m).

The seasonally adjusted estimate for onshore petroleum exploration expenditure fell 16.8% (-$15.6m) to $77.0m in the December quarter 2017. Expenditure on drilling rose 2.0% (+$0.9m) and other onshore petroleum exploration fell 35.2% (-$16.6m).

OFFSHORE

The trend estimate for offshore petroleum exploration expenditure fell 7.7% (-$14.9m) to $177.5m in the December quarter 2017. Expenditure on drilling fell 21.4% (-$21.1m) and other offshore petroleum exploration expenditure rose 6.6% ($6.2m).

The seasonally adjusted estimate for offshore petroleum exploration expenditure fell 14.3% (-$27.6m) to $165.6m in the December quarter 2017. Expenditure on drilling fell 34.2% (-$33.7m) and other offshore petroleum exploration expenditure rose 6.4% ($6.1m).

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)	Release Date
March 2018	4 June 2018
June 2018	3 September 2018
September 2018	3 December 2018
December 2018	4 March 2019

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