SUMMARY COMMENTARY


MINERAL EXPLORATION (OTHER THAN FOR PETROLEUM)


TOTAL EXPENDITURE

The trend estimate for total mineral exploration expenditure fell 6.1% (or -$25.9m) to $396.5m in the March quarter 2015. The largest contributor to the fall in the trend estimate this quarter was Western Australia (down 7.6% or -$18.9m). The current quarter estimate is 19.8% lower than the March quarter 2014 estimate.

The seasonally adjusted estimate for mineral exploration expenditure fell 13.4% (or -$59.0m) to $381.0m in the March quarter 2015. The largest contributors to the fall this quarter were Queensland (down 32.2% or -$30.7m) and Western Australia (down 11.9% or -$30.1m).

In original terms, mineral exploration expenditure fell 30.7% (or -$141.0m) to $318.0m in the March quarter 2015. Exploration on areas of new deposits fell 39.7% (or -$60.0m) and expenditure on areas of existing deposits fell 26.3% (or -$81.0m).

In original terms, the largest decrease by minerals sought came from expenditure on iron ore (down 43.4% or -$63.0m). The next largest decrease came from expenditure on coal (down 44.0% or -$34.3m).

METRES DRILLED

The trend estimate for metres drilled fell 1.2% in the March quarter 2015. The current quarter estimate is 2.9% lower than the March quarter 2014 estimate.

The seasonally adjusted estimate for metres drilled fell 4.8% in the March quarter 2015.

In original terms, metres drilled fell 29.0%. Drilling in areas of new deposits fell 49.6% and drilling in areas of existing deposits fell 20.1%.

PETROLEUM EXPLORATION


TOTAL EXPENDITURE

The trend estimate for total petroleum exploration expenditure rose 4.4% (or +$46.3m) to $1,100.5m in the March quarter 2015. Exploration expenditure on production leases rose 7.1% (or +$18.1m), while exploration expenditure on all other areas rose 3.0% (or +$24.0m).

The seasonally adjusted estimate for total petroleum exploration expenditure rose 5.7% (or +$60.3m) to $1,122.7m in the March quarter 2015. Exploration expenditure on production leases rose 19.5% (or +$48.4m) and exploration expenditure on all other areas rose 1.5% (or +$11.9m).

The largest contributor to the increase in the trend estimate was South Australia (up 29.1% or +$30.7m) and the largest contributor to the rise in the seasonally adjusted estimate was South Australia (up 69.8% or +$65.4m).

ONSHORE

The trend estimate for onshore petroleum exploration expenditure rose 7.8% (or +$25.9m) to $356.6m in the March quarter 2015. Expenditure on drilling rose 6.5% (or +$12.7m), while other onshore petroleum exploration expenditure rose 8.8% (or +$11.9m).

The seasonally adjusted estimate for onshore petroleum exploration expenditure fell 6.4% (or -$23.3m) to $338.8m in the March quarter 2015. Expenditure on drilling fell 10.4% (or -$23.0m), and other onshore petroleum exploration fell 0.2% (or -$0.3m).

OFFSHORE

The trend estimate for offshore petroleum exploration expenditure rose 2.8% (or +$20.4m) to $743.8m in the March quarter 2015. Expenditure on drilling rose 2.9% (or +$16.8m), while other offshore petroleum exploration expenditure rose 2.4% (or +$3.5m).

The seasonally adjusted estimate for offshore petroleum exploration expenditure rose 12.0% (or +$83.7m) to $784.0m in the March quarter 2015. Expenditure on drilling rose 6.0% (or +$34.3m), and other offshore petroleum exploration expenditure rose 37.5% (or +$49.5m).

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)	Release Date
June 2015	31 August 2015
September 2015	30 November 2015
December 2015	29 February 2016
March 2016	30 May 2016

CHANGES TO THIS ISSUE

• There are no changes to this issue.

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