Australia to release new areas for offshore exploration

The Australian government has announced the release of 42 new areas for petroleum exploration in Commonwealth waters. The bulk are offshore northern Australia with three offshore Victoria.

Federal Minister for Resources, Water and Northern Australia, Keith Pitt, said about 100,000 square kilometres has been made available across five basins:

• North Carnarvon basin, Western Australia (19 blocks)

• Bonaparte basin, Northern Territory (12 blocks)

• Browse basin, northwest Australia (8 blocks)

• Gippsland basin, Victoria (2 blocks)

• Otway basin, Victoria (1 block)

Mr Pitt acknowledged the impact the COVID-19 pandemic is having on the oil and gas industry, but he said the government strongly believes exploration will play a key role in helping the Australian economy recover from the crisis.

“This year’s release is dominated by areas in established oil and gas provinces with existing infrastructure. This is consistent with the drive to ensure major projects have and maintain steady supply into the future.”

All areas in the 2020 release are based on industry nominations and were subject to a comprehensive public consultation process.

The areas are available for work-programme bidding.

The bidding process will close on the 1^st June 2021.

Source: Oil & Gas Journal