Petroleum exploration and development is vitally important for the future well being of Australia. The Australian petroleum exploration/development industry is alive but not so well. A combination of.:factors point to the industry requiring a much more mature effort in both short and longer-term planning to ensure greater success and effectiveness for petroleum discoveries and development. While many petroleum exploration companies are competently run, there are far too many which will be lucky to survive, even though their exploration areas are highly Prospective.