More exploration expenditure expected in offshore WA
PERTH (miningweekly.com) – Australia was poised for a further A$180-million investment in offshore exploration, after federal Resources and Energy Minister Gary Gray granted 13 new offshore petroleum exploration permits as part of round one of the 2012 Offshore Petroleum Exploration Acreage Release.
The permits covered areas in offshore Western Australia and Tasmania, and would be valid for a period of three years.
With the proposed secondary work programmes, further expenditure could rise to more than A$550-million.
“The release and subsequent award of exploration acreage is critical to ensure the growth of the Australian petroleum sector remains strong,” 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.”
The Minister noted that the new exploration commitment had the potential to add to Australia's oil and gas reserves and continued to underpin new projects.
“This ongoing investment will ensure the continuation of Australia's impressive reputation as a safe, reliable exporter of liquefied natural gas,” Gray said.
Benefactors of the exploration licences included 3D Oil, Woodside Energy, Apache Northwest, Shell, Pathfinder Energy and Total.
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