Oil exploration falls

Australian oil and gas exploration spending fell by 37 per cent in the first quarter to its lowest level for four years after "a number" of exploration licences expired in 2003, the Australian Bureau of Statistics said.

Spending on petroleum exploration fell to A$168.8 million, from A$266.5 million in the year-earlier quarter, the Canberra-based bureau said.

"A number of petroleum exploration licences came to a close in 2003, resulting in a lower-than-usual March quarter," the bureau said.

"Expectations for the six months to June 2004 were relatively high, suggesting the March quarter downturn may only be temporary."