Photo by: Bloombeg
PERTH (miningweekly.com) – Four offshore petroleum exploration permits, representing A$297-million in new investment, have been granted in Commonwealth waters off Western Australia as part of the second round of the 2014 offshore petroleum exploration acreage release.
Federal Resources and Energy Minister Josh Frydenberg announced this week that three of these new permits were located on the northwest shelf, while the fourth would extend the search to uncover a new petroleum province in the Great Australian Bight.
The licences were awarded to a joint venture between major Santos and JX Nippon Oil and Gas Exploration, Hess Australia and Finder No 10.
“The long-term growth of the oil and gas industry depends on exploration as an essential step in the discovery and development of natural resources. Australia’s oil and gas industry directly employs 24 000 people and tens of thousands indirectly. New exploration will continue to strengthen Australia’s highly skilled workforce,” Frydenberg said.
The 2014 offshore petroleum exploration acreage release has resulted in the award of ten new exploration permits, with possible investment of A$473.6-million over the six-year life of the permits.
At the end of this month, the government would call for bids for round one of the 2015 acreage release to continue the strong pipeline of exploration investment into the Australian economy.