Here is chart showing collapse in energy exploration continues. (fall of 80% in bit less than 3 yrs). Indicates energy companies not interested in making new discoveries and remain focused on cost cutting and keeping their current production viable.
From MacroBusiness: By contrast, petroleum exploration expenditure fell by $38.8 million (-10.8%) in seasonally-adjusted terms in the December quarter, with WA driving the falls (-$19.1 million) and accounting for 65% of total expenditure:
Graph shows the woeful macro, page-8
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| Open | High | Low | Value | Volume |
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