Australia Receives 10 Bids for Areas in the Australian Government’s Latest Acreage Release

Source: 3/14/2022, Location: Not categorized

Interest in offshore petroleum exploration in Australia remains strong with 10 bids received for areas in the Australian Government’s latest acreage release.

The National Offshore Petroleum Titles Administrator (NOPTA) is now assessing the bids for the 2021 Offshore Petroleum Exploration Acreage Release.

Minister for Resources and Water Keith Pitt said ongoing exploration is critical to ensure an ongoing pipeline of new oil and gas projects and for Australians to have access to reliable and affordable energy.

The invasion of Ukraine is also demonstrating that energy security, including oil and gas, is an increasingly important component of national security and sovereignty.

“Ukraine is providing a frightening example of the dangers of relying on despots and autocrats for your energy supplies. The Australian Government is working with likeminded countries on how we can be part of the solution for Europe’s energy crisis and that includes ensuring the development of energy resources,” Minister Pitt emphasised.

“The Government regularly offers acreage release opportunities to industry and it is great to see this healthy level of interest in investing in exploration and bringing on new oil and gas projects for both domestic gas and for exports to our trading partners,” Minister Pitt said.

The 2021 release comprised 21 areas across the Bonaparte, Browse, Carnarvon basins off Western Australia, and the Otway, Sorell and Gippsland, off Victoria and Tasmania. The following areas received bids: W21-1, W21-3, W21-8, W21-10, V21-2, T21-1, T21-2, T21-3 and T21-4.

Minister Pitt said the areas that received bids have the potential to link with existing infrastructure and supply major liquefied natural gas projects.

“Solid interest in areas in the Otway Basin offshore Victoria and Tasmania will also support the East Coast Gas market and the thousands of jobs and businesses that rely on secure gas supplies,” Minister Pitt said.

To keep up to date with the latest information on the acreage release and the areas bid on, please subscribe to the Australian Petroleum News (APN) newsletter published by the Department of Industry, Science, Energy and Resources.

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