Australia awards new offshore oil exploration blocks
Posted: 4 November 2005
An additional $180 million will be invested in offshore petroleum exploration over the next six years following the announcement of seven new exploration permits by Federal Resources Minister Ian Macfarlane.
Mr Macfarlane announced the permits as part of the Australian Government's ongoing release of offshore acreage for petroleum exploration.
“In times of growing global demand for oil and gas, these permits represent significant opportunities for exploration companies looking to make the next big petroleum discovery in offshore Australia,” he said.
“It’s an encouraging investment and a sign that the Government’s strategy to promote greater exploration in Australia’s vast offshore basins is making an impact.”
The announcement includes:
- one permit in the Perth Basin off Western Australia, not far from existing infrastructure and the Perth market. Interest in the area has grown following the Cliff Head oil discovery in the northern part of the Basin;
- one permit in the Otway Basin off Victoria, close to onshore pipelines, refineries and markets;
- two permits in the northern Bonaparte Basin off the Northern Territory, close to the giant gas fields of Evans Shoal and Abadi, as well as the soon-to-be-completed LNG plant in Darwin; and
- three permits in the Territory of Ashmore and Cartier Islands, adjacent to petroleum accumulations – including some with demonstrated commercial potential.
The Australian Government will administer the new permits jointly with the respective state and territory governments.
Posted by Richard Price, Editor, EnergyME.com
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