Australia's PM Howard backs offshore oil explorationNews // July 18, 2006
Australia will aim to meet the rising global demand for oil by encouraging greater offshore exploration, Prime Minister John Howard said on Monday.
"While known oil reserves are declining, Australia remains relatively unexplored, particularly for petroleum in frontier offshore areas," Howard told an energy conference in Sydney, noting that encouraging further exploration is a "high priority" for the government.
"Australia can, and should, supply the domestic and world economies with low-cost energy," he said. "Making the most of a comparative advantage in energy is not just in the national interest. It raises global economic welfare as well."