Resources and Energy Minister Gary Gray has announced the grant of 13 new offshore petroleum exploration permits as part of round one of the 2012 Offshore Petroleum Exploration Acreage Release.
The award of these permits will see an estimated $180 million in new investment in waters offshore Western Australia and Tasmania over the next three years. With the proposed secondary work programs, further expenditure could rise to more than $550 million.
“The release and subsequent award of exploration acreage is critical to ensure the growth of the Australian petroleum sector remains strong,” Mr Gray said.
“The high demand for Australia’s offshore petroleum acreage is pleasing, with 23 bids received for 15 new release areas from a mix of international and Australian companies.
“This new exploration commitment has the potential to add to our nation’s oil and gas reserves and continues to underpin new projects.
“This ongoing investment will ensure the continuation of Australia’s impressive reputation as a safe, reliable exporter of LNG,” Mr Gray said.
Press Release, June 17, 2013