Australia Opens 28 New Areas for Bidding

Australian government on Thursday launched the 2016 Offshore Petroleum Exploration Acreage Release making 28 new areas available for bidding.

The new areas are available offshore Western Australia and the Territory of Ashmore and Cartier Islands.

“The oil and gas industry is of high importance to the Australian economy. Offshore extraction of gas will help Australia become the world’s leading exporter of LNG in coming years,” Matt Canavan, Minister for Resources and Northern Australia said in a statement issued on Thursday adding that launching the Acreage Release is a priority for the government.

All areas in the 2016 acreage release were released for public consultation in February 2016. They are based on industry nominations and present a variety of investment opportunities.
 
All areas are supported by pre‑competitive geological and geophysical data and analysis, undertaken by Geoscience Australia and information on considerations that may impact upon future petroleum activities in a release area. The acreage is available through the usual combination of work-program rounds and a cash bid auction.