The NSW Government has funded petroleum and minerals exploration initiatives since 1994. The Government’s most recent commitment, Exploration NSW, has been $30 million over seven years from 2000. This initiative concludes in June 2007.

One success story from the previous initiative is the discovery of the Coonarah Gas Field, now a major energy development near Narrabri in the Gunnedah Basin, where a consortium of companies has spent over $30 million in discovering 35 Tcf of coal seam methane gas resources.

During the period of the Discovery 2000 and Exploration NSW initiatives, petroleum exploration has more than quadrupled from $7 million to more than $30 million in 2004/2005. The exploration work commitments for 2006/2007 will exceed $40 million.

Exploration NSW and its predecessor initiative have kept NSW competitive in attracting investment. The government is continuing this support and commitment with a new initiative “New Frontiers”, which will build on the results of the previous initiatives by emphasising three major areas of strategic government and industry focus:

• the exploration for clean energy

• reducing the risk of exploration at depth by
mapping the 3rd dimension

• promoting private sector investment in previously under-explored frontier geological terranes and sedimentary basins