Oil and gas companies operating in Australia are lining up plans to boost oil and gas exploration as activity picks up amid the energy crisis in the wake of the Iran war.

Spending is expected to increase to more than US$1 billion this year with drilling concentrated on Beetaloo, Otway Basin and Taroom Trough.

Australia is sharply increasing natural gas exploration investment as energy security concerns and strong LNG demand drive a renewed focus on domestic hydrocarbon development.

Oil and gas companies operating in Australia are lining up plans to boost oil and gas exploration as activity picks up amid the energy crisis in the wake of the Iran war.