Australia Awards Seven New Offshore Permits

The Australian government has awarded seven new exploration permits located offshore Western Australia, Victoria and the Territory of Ashmore and Cartier Islands under the 2017 Offshore Petroleum Exploration Acreage Release, it said October 31.

The government believes these permits will potentially see more than A$530mn (US$382mn) in exploration investment over the next six years.

In the first round, one permit in the Timor Sea was awarded to Carnarvon Petroleum while one in Gippsland Basin, southeast of Lakes Entrance, was awarded to Cooper Energy. Inpex was awarded a permit in the Canning Basin, north of Broome.

In the second round, Shell was the big winner. It was awarded two permits in the Browse Basin in Western Australia and one in Timor Sea. One permit in Western Australia’s Exmouth Plateau was awarded to BP.

“The awarding of seven new permits to a mix of small, medium and large explorers committing to new exploration in Australia demonstrates investor confidence in our offshore oil and gas sector,” minister for resources and Northern Australia Matt Canavan said November 1.

Canavan said bidding results for round one of the 2018 Offshore Petroleum Exploration Acreage Release were also encouraging.

“Bidding for round one of the 2018 acreage release, which recently closed, attracted 12 bids,” he said. “This strong participation indicates increased momentum in offshore petroleum investment. These bids are currently under assessment, with offers expected from March 2019.”