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Offshore Petroleum Exploration Acreage Release

Source: www.gulfoilandgas.com 4/8/2014, Location: Not categorized

The Australian Government encourages investment in petroleum exploration through the annual release of vacant offshore petroleum exploration acreage. The annual Acreage Release is underpinned by Australia's stable economic environment and well-established regulatory framework for offshore petroleum activities.

The 2014 Acreage Release comprises 30 areas located across four basins in Commonwealth waters in the offshore areas of the Northern Territory, the Territory of Ashmore and Cartier Islands and Western Australia. Twenty-six (26) areas are available for work program bidding and four (4) areas are available for cash bidding.

Release areas have been selected to offer the global petroleum exploration industry a variety of investment opportunities. Areas are located in a range of water depths and vary in size and level of existing geological knowledge. All release areas are supported by pre-competitive geological and geophysical data and analysis undertaken by Geoscience Australia, and information on third party rights or other considerations that may impact upon future petroleum activities in a release area.

The General and Special Notices provide comprehensive information on third party considerations including environment and heritage protection, native title rights and interests, navigation and maritime safety, fishing activities, defence activities, submarine telecommunication cables, international issues and insurance.

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