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Petroleum Exploration in Australia Industry Data and Analysis
Australia’s petroleum exploration market remains highly cyclical, with revenue in 2025-26 expected to reach $1.33 billion, representing a 5.3% contraction from the previous year. Still, this figure constitutes a 1.5% annualised expansion compared to revenue in 2020-21. These changes reflect a post-pandemic rebound in 2023-24, followed by a retreat owing to changes in demand, costs and regulatory pressures. Over the past decade, onshore spending has surpassed offshore investment, with onshore activities now the industry’s primary revenue source. This transition is largely attributable to large-scale LNG export projects, which have altered east coast dynamics and prompted producers to pursue gas for both domestic and export markets.
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What's included in this industry analysis
IBISWorld's research coverage on the Petroleum Exploration industry in Australia includes market sizing, forecasting, data and analysis from 2015-2030. The most recent publication was released November 2025.
About this industry
What's this industry report about?
The Petroleum Exploration industry in Australia operates under the ANZSIC industry code B1011. Industry companies conduct exploration for crude petroleum and natural gas. Related terms covered in the Petroleum Exploration industry in Australia include greenfield projects, brownfield exploration, exploration acreage, unconventional resources, proven resources, probable reserve, prospectivity and backfill.
What's included in this industry?
Products and services covered in Petroleum Exploration industry in Australia include Offshore exploration drilling, Other offshore exploration services and Onshore exploration drilling.
What companies are included in this industry?
The Petroleum Exploration industry in Australia is highly fragmented with no companies holding a market share greater than 5%.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Petroleum Exploration industry in Australia.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed products and service segmentation and analysis of major markets for the for the Petroleum Exploration industry in Australia.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Petroleum Exploration industry in Australia.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Petroleum Exploration industry in Australia. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Petroleum Exploration industry in Australia. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Petroleum Exploration industry in Australia. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Petroleum Exploration industry in Australia. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Petroleum Exploration industry in Australia.
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Frequently Asked Questions
What is the market size of the Petroleum Exploration industry in Australia in 2026?
The market size of the Petroleum Exploration industry in Australia is $1.3bn in 2026.
How many businesses are there in the Petroleum Exploration industry in Australia in 2025?
There are 577 businesses in the Petroleum Exploration industry in Australia, which has grown at a CAGR of 7.1 % between 2020 and 2025.
How may import tariffs affect the Petroleum Exploration industry in Australia?
The Petroleum Exploration industry in Australia is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Petroleum Exploration industry in Australia?
The Petroleum Exploration industry in Australia is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Petroleum Exploration industry in Australia grown or declined over the past 5 years?
The market size of the Petroleum Exploration industry in Australia has been growing at a CAGR of 1.5 % between 2020 and 2025.
What is the forecast growth of the Petroleum Exploration industry in Australia over the next 5 years?
Over the next five years, the Petroleum Exploration industry in Australia is expected to decline.
What does the Petroleum Exploration industry in Australia include?
Offshore exploration drilling and Other offshore exploration services are part of the Petroleum Exploration industry in Australia.
How competitive is the Petroleum Exploration industry in Australia?
The level of competition is moderate and steady in the Petroleum Exploration industry in Australia.
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