The new offshore release acreage comprises 64 areas and covers more than 120,000km² in total
Image: The Australia’s release areas offer a wide range of opportunities for oil and gas companies. Photo: courtesy of QR9iudjz0/Freeimages.com.
The Australian Government has announced the 2019 Offshore Petroleum Acreage Release for oil and gas exploration.
The new offshore release acreage covers more than 120,000km²
Covering an area of more than 120,000km², the new offshore acreage comprises 64 areas, the largest since 2000. It is planned to be be released for a single round of work program bidding.
The release areas, which offer a wide range of opportunities for oil and gas companies, are located in five basins in Commonwealth waters off Western Australia, Victoria and the Territory of Ashmore and Cartier Islands.
These basins include the Bonaparte, Browse, Northern Carnarvon, Otway Basin, and Gippsland basins.
The 2019 release is said to involve a more streamlined process for offshore areas in a bid to simplify bidding, offer greater transparency and respond quickly to the market demand.
All areas in the 2019 Acreage Release, however, were subject to a comprehensive public consultation process. Bidding will be open until 05 March 2020.
Northern Australia Minister for Resources Matt Canavan said the release was a central component of ensuring the country’s energy security.
Canavan added: “Areas for this year’s release are heavily concentrated in the north-west. As Minister for Resources and Northern Australia I am pleased to see continued momentum for exploration in our north and the potential jobs and economic growth it would bring.
“I am also pleased to see industry interest in petroleum exploration in south east Australia, with nominations leading to seven areas being available for bidding. Future exploration and discoveries in these areas will support our efforts to bring on more gas supplies for the east coast.
“I look forward to working with the petroleum industry so we can ensure Australia maintains its attractiveness as a destination for exploration investment, and to underpin our long term energy security.”
In May 2019, South Australian Government opened eight petroleum exploration licences (PELs) under a new bidding round.
Five of the eight licenses are located in the Cooper Basin in the State’s Far North and the remaining three are located in the Otway Basin in the Limestone Coast region.