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Over $475 million of new investment in offshore petroleum exploration

16 December 2016

The Australian Government’s 2015 Offshore Petroleum Exploration Acreage Release has been finalised, with nine new offshore petroleum exploration permits awarded across both rounds.

The new exploration permits are located in Commonwealth waters of the Territory of Ashmore and Cartier Islands and offshore South Australia, Victoria and Western Australia. These permits will potentially see more than $475 million in exploration investment over the next six years.

Minister for Resources and Northern Australia, Matt Canavan, said the development of the offshore oil and gas industry continued to play an important role in Australia’s diverse resources portfolio.

“The development of our resources sector benefits all Australians, through both the economic output projects generate and the jobs they create,” Minister Canavan said.

”I am pleased to see the continued investment in exploration within Commonwealth waters and the potential this brings for boosting jobs and economic growth.

“The 2015 Acreage Release has attracted a mix of small, medium and large explorers. The Acreage Release aims to offer a range of investment opportunities for the oil and gas industry.”

Bids closed on 13 areas from round one of the 2016 Acreage Release on 8 December 2016; one bid was received for W16-8. This bid is being assessed by NOPTA and the remaining areas are being re-released.

Public consultation on the proposed areas for the 2017 Acreage Release will commence shortly at https://consult.industry.gov.au/

Information about these new permits is available in the December edition of the Australian Petroleum News, produced by the Department of Industry, Innovation and Science.

Further information on titles under the Offshore Petroleum and Greenhouse Gas Storage Act 2006 can be found at http://neats.nopta.gov.au/ and on the acreage release at http://www.petroleum-acreage.gov.au/.

Media contacts: Senator Canavan's office 02 6277 7180