Australia Awards Seven New Offshore Oil, Gas Permits

Australia has awarded seven new offshore petroleum exploration permits as part of round two of the 2011 Exploration Acreage Release.

The award of these permits will see an estimated $277 million in new investment in offshore areas off the Northern Territory and Western Australia over the next three years, a government statement said.

“Exploration is vital for the future of Australia’s resources sector, and the Australian Government is committed to working with industry to enhance our international competitiveness and ensure the long-term growth of this important industry,” Mini Minister for Resources and Energy, Martin Ferguson said.

The minister further said that these new exploration permits raise the potential to discover new oil and gas reserves, which will underpin new projects, provide more jobs and support the Australian economy.

Australia is currently the third largest exporter of liquefied natural gas (LNG) in the Asia-Pacific region and the fourth largest LNG exporter in the world, exporting more than $12 billion in LNG a year.

“Australia has more than half of the world’s major LNG projects currently in construction and their completion could see Australia become the world’s largest LNG exporter,” Minister Ferguson said.