Rystad Energy forecasts a 10% increase in total exploration spending for the year, putting the industry on track to exceed $1 billion by 2026. This shift marks a significant pivot, with states once hesitant to expand now actively inviting new development. New South Wales recently launched its first gas exploration tender in a decade, while Queensland has moved to support a major oil project in the Taroom Trough—the first such approval in the country in half a century.

Exploration efforts are currently concentrated in three key zones: the offshore Otway Basin in Victoria, the Beetaloo shale formation in the Northern Territory, and Queensland’s Taroom Trough. The Beetaloo Basin remains the most significant long-term prospect, with estimated reserves of 500 trillion cubic feet. Krishan Pal Birda, vice president at Rystad Energy, attributes this renewed momentum to improved modern techniques that effectively de-risk frontier and unconventional plays, allowing firms to tap into resources previously considered too complex or costly to extract.