The greatest beneficiaries will be the country's emerging deepwater, and remaining frontier acreage prospects.
From Wednesdays Budget, Geoscience Australia received additional funding of $61 million. This funding will restore the base funding of the agency ($36 million over four years) and add additional funding ($25 million over four years) for offshore seismic and maintenance of historical data bases.
"Geoscience Australia has world-class geological assessment capabilities," said APPEA's Executive Director, Barry Jones.
"Its high quality geological data is a vital step to enhancing the attraction of Australia as a place to invest in petroleum exploration, as it assists in identifying our petroleum resource potential, particularly in deepwater and frontier areas," he said.
