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New exploration areas released

The 2018 acreage release comprises 21 areas located across six sedimentary basins in Commonwealth waters offshore of Western Australia, South Australia, Victoria and the Ashmore and Cartier Islands.

Sixteen areas are available for work program bidding and five areas for cash bidding.

The areas are located in water depths of 15 to 4,534 metres, vary in size from 80 km² to 12,128 km² and also vary in level of existing geological knowledge.

Minister for Resources and Northern Australia Matthew Canavan said the areas will provide a wide range of options for the oil and gas industry, from well-known petroleum-producing basins to frontier basins that are among the most prospective in the world.

“The Australian Government is committed to the safe and responsible development of oil and gas resources,”? said Mr Canavan.

“Offshore oil and gas exploration is vital to meeting Australia’s future energy needs.

“The annual Offshore Petroleum Exploration Acreage Release is a key part of our plan to promote investment in new offshore exploration.”?

All areas are supported by pre-competitive geological and geophysical data and analysis undertaken by Geoscience Australia.

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