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Aus government releases more petroleum acreage

31st July 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The Australian government has released more than 120 000 km2 of tenements for offshore petroleum exploration, marking the largest release since 2000.

The release of the 64 areas will be the first release of acreage under a new streamlined system which delivers an annual investment cycle that simplifies bidding, offers greater transparency and responds faster to the market demand, Resources and Northern Australia Minister Matt Canavan said on Wednesday.

Areas are available for exploration across five basins in Commonwealth waters off Western Australia, Victoria and the Territory of Ashmore and Cartier Islands.

Release areas present a variety of investment opportunities for Australian and international oil and gas companies.

All areas in the 2019 acreage release are based on industry nominations and ere subject to a comprehensive public consultation process.

Canavan said the release is a central component of ensuring Australia’s energy security and export earnings into the future.

“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.”

Edited by Creamer Media Reporter

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