Are any significant gas and oil discoveries being made in Australia?

Significant oil and gas finds are made 171 80678 0 14092618 300

Australia is well known as one of the most resource-rich countries in the world, but have any significant gas discoveries been made over recent months? 

Gas suppliers rely on an abundance of natural resources in order to give their customers a reliable and affordable source of energy, so it's essential that explorers are able to tap these resources.

With the cost of energy on the rise, exploration companies need to make sure they're doing whatever possible to open up new potential sources of power.

There have been two notable discoveries over the past few days, suggesting that Australia's resources boom might not quite be over despite what some analysts might think.

Browse Basin

The Browse Basin is situated just off the coast of Western Australia. Australian oil and gas exploration company Santos revealed on August 22 it had made a discovery at the location.

Known as the Lasseter-1 exploration well, the site is located 35 kilometres from the Santos Crown area and 480 kilometres north north-east of Broome.

The company has measured down to a depth of 5,329 metres and has taken several hydrocarbon samples. There are high hopes it could prove fruitful in the near future.

Head of Exploration at Santos Bill Ovenden said: "The Lasseter discovery is well positioned, in close proximity to existing and proposed LNG projects in the Browse Basin and other material Santos joint venture exploration prospects.

"The Lower Vulcan reservoir system, which is optimally developed between the Ichthys and Poseidon structural trends, holds great promise."

Canning Basin

It's not only gas that's still being discovered across the nation, as Apache recently made what's being heralded as the biggest oil finds in recent decades.

The Phoenix South-1 well has been located offshore from Canning Basin in at least four columns ranging in thickness between 26 and 46 metres.

The site is located 180 kilometres north of Port Hedland and covers several large, undrilled structures where the company believes significant oil reserves could be found.

Apache's Executive Vice-President and International Chief Operating Officer Thomas Voytovich, described the find as an "exciting result".

He continued: "The oil and reservoir quality we have seen point to a commercial discovery.  If these results are borne out by further appraisal drilling, Phoenix South may represent a new oil province for Australia."

Mr Voytovich revealed how the company would continue to work alongside its partners to see what the site and its surrounding area has to offer.

Posted by Jeremy Elliott