2001 Acreage Release

2001 Release of Offshore Petroleum Exploration Acreage

In keeping with the Government's strategy to encourage more intensive exploration of Australia's continental shelf, Senator Nick Minchin, Minister for Industry Science and Resources, announced the release of 42 new offshore petroleum exploration areas during his address at April's APPEA conference in Hobart.

Areas being made available for open bidding by the international petroleum exploration industry include:
• 26 areas off the coast of WA
• 1 area in the Territory of Ashmore and Cartier Islands
• 4 areas off Victoria
• 5 areas off the Northern Territory
• 3 areas off South Australia
• 3 areas off northwest Tasmania

Senator Minchin said the release encom-passes a broad selection of relatively mature, under-explored and frontier areas, which offer exciting possibilities for exploration companies of all sizes.

"These areas will be the principal release of offshore acreage this year and they will be subject to the work program bidding system. Any subsequent exploration permits will be awarded for an initial term of six years", he said.

Acreage on offer in waters off the West Australian coast includes new areas in the Carnarvon, Bonaparte, Browse and Perth basins.

Senator Minchin said that while many of the sites had been subject to exploration in the past, additional explo-ration was needed to fully assess their petroleum potential.

Bids for 13 of the areas offered will close on October 11th, 2001. Bidding for the remaining 29 areas will close on April 11th, 2002.

Senator Minchin said that in 2000, Australia expe-rienced a record number of offshore oil and gas discoveries. He explained that onshore exploration drilling, in the last year, was the lowest ever recorded, noting that native title issues remain a major impediment to onshore exploration.

He commented that the government has adopted a hard-headed approach so as ensure Environmental Regulation and approval processes do not put national security and prosperity at risk by destroying the incentive to explore.

An information package on the release areas is available on the Department of Industry, Science and Resources’ website at: www.isr.gov.au/resources/petroleum.html

The same information is also available on CD-ROM, which can be requested from the Department via e-mail to: petroleum.exploration@isr.gov.au.