Offshore oil exploration by Australian companies outstripped...

Offshore oil exploration by Australian companies outstripped all previous years in 1990 and is likely to stay high in the decade ahead, the Australian Petroleum Exploration Assn. said.

It said 62 offshore wells were completed in 1990, up from a record 49 in 1983. Between 43 and 62 offshore exploration wells are planned this year.

Companies spent $440 million on exploration last year, and plan to spend between $330 million and $457 million in 1991, the association said. Onshore exploration expenditures are expected to be between $140 million and $170 million this year, compared to $186 million in 1990.

Keith Orchison, the executive director of the association, said the level of seismic data collection for 1991 suggests there will be greater activity in the years ahead.

Expenditure on offshore development is expected to total $960 million in 1991, and onshore expenditure is likely to be between $70 million and $92 million.

Australian companies also reported plans to spend $536 million overseas, with $292 million targeted for Papua New Guinea. Overseas development will total $294 million, while exploration expenditures are expected to reach $242 million.