The country’s offshore petroleum regulator has approved the biggest gas exploration program in Australian waters for years, allowing American giant ConocoPhillips to proceed with drilling off the coast of Victoria.
The New York-listed energy giant is poised to drill two exploration wells this year in the hope of rapidly bringing supply online. Exploration activity for new oil and gas in waters around the country has been near all-time lows.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.