ConocoPhillips, an American oil and natural gas exploration and production company, has made a significant discovery offshore Australia. On November 17, the company announced that it had struck gas off the coast of southeastern Australia, marking its first exploration drilling in the region since 2021. Wireline logs revealed gas columns across two targets in the Otway Basin, located off the coast of Victoria state. The exploration campaign is set to continue for two more weeks before transitioning to a second well, designed to confirm the existence of a substantial gas resource that could potentially meet the demand of Australia's east coast market. This discovery is particularly timely, as material shortages are expected in the late 2020s. ConocoPhillips' country president, Jan-Arne Johansen, expressed enthusiasm for the findings, emphasizing the encouraging nature of the discovery and its potential impact on the region's energy supply. The company operates in partnership with Australian junior 3D Energi and the Korea National Oil Company, with plans to drill six wells across two permits, including an option for four additional wells. The partners aim to secure a commercial-sized source of new supply for Australia's east coast, where domestic needs are a priority, and where export controls have been threatened if these needs are not met.
