Australian Minister for Industry Ian Macfarlane said the data room would provide expert interpretation by scientists, saving exploration companies time and cost.
â€œCompanies can also purchase the comprehensive data package for their own in-house analysis,â€ he said yesterday at the facilityâ€™s opening at Geoscienceâ€™s Canberra headquarters.
â€œIndustry will be able to scrutinise this information prior to bidding in the Australian Governmentâ€™s annual acreage release program for petroleum exploration.â€
The last time Australia was self-sufficient in oil was in 2000, but this has since dropped to 58%. Unless more discoveries are made, Geoscience expects the countryâ€™s self-sufficiency to drop a further 33% by 2015.