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Oil explorers keen on Australia



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TunrMTSTW.iR FfDIR RESOURCES t f -

DPIB91/81C 22 MARCH 1991

OIL BXPT ARBUS SSBM OR AD8TRALXA

Australia was fast becoming one of the world's most favoured countries for oil and gas exploration, the Federal Minister for Resources, Mr Alan Griffiths said today in an address to the NSW Branch of the Petroleum Exploration Society of

Australia (PBSA).

"It is clear that Australia's political and economic stability is an important factor in the investment decisions of major international oil companies.

"it ie also clear that a better perception of Australia's oil prospectivity is emerging and that there is strong support for the new Resource Rent Tax (RRT) arrangements."

Mr Griffiths was commenting on the result of the "1991

international New Ventures survey" conducted by the Robertson Research Group,

The Robertson Group has conducted its annual survey of

international oil companies asking them to rate countries that host petroleum exploration and the amount of exploration budget expended in the host countries.

The result of the 1991 survey, which covered 66 international oil companies, was published on 15 February 1991. Australia ranked fourth as the most favoured host country, and fourth in terms of exploration expenditure - a jump from 20th in the

1990 survey to be behind only Indonesia, USSR and me.

During his speech, the Minister also highlighted the

importance of the Prime Minister's Economic Statement to resource based industries.

"Advice provided to the Government shows that the reforms announced in the Economic Statement will drive a 5% increase in production in the minerals and energy sector. In 1988 prices, this is worth an extra $lb per annum to GDP,"

Por further information < Mika Hitchens (06)272 4595 Liea Amor (06)277 7480

COWtvtoNXVEALTB PARLIAMENTARY L iBk aRY M1CAH

Parliament House Canberra ACT .2600

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