2012 Australasian upstream exploration and licensing review
Australasian exploration in 2012 fell to its second-lowest level in the last ten years, although the success rate of 42% was the highest since 2009. There were 108 conventional exploration and appraisal (E&A) wells drilled, down 17% from 2011. Just over half a billion barrels of oil equivalent was discovered, an 80% fall from the peak volume discovered in 2009. There was a 40% reduction in offshore drilling.