Aussie oil and gas investment takes a dive
Experts are optimistic about Australia's long-term prospects despite the fall in investment. (Chevron)
Investment in petroleum exploration in Australia is continuing its precipitous slide, largely mirroring the downward trajectory of global oil prices, but the industry is optimistic that longer-term prospects remain sound.
According to the latest data from the Australian Bureau of Statistics (ABS), the trend estimate for total oil and gas exploration expenditure in the country fell by 22% in Q4 2015 compared with the quarter before, to A$454 million ($332 million).