Follow us:
Subscribe to our newsletter

logo

  • News
  • Projects
  • Business and Finance
  • Innovation
  • Products and Services
  • Events
  • Online Magazine
  • Advertise
  • Contact
Home
  • News
  • Projects
  • Business and Finance
  • Innovation
  • Products and Services
  • Events
  • Online Magazine
  • Advertise
  • Contact
Quotes by TradingView

Companies pay $11.1m to secure the right to explore Australian offshore areas

25 Feb, 2019
621
Prelude Floating Liquefied Natural Gas facility. Image credit: Shell Australia.


Oil and gas companies have paid a total of $11.1 million to secure the right to explore three areas offshore Western Australia and Victoria for the next six years.

Each year the Federal Government invites companies to bid for the opportunity to invest in oil and gas exploration in Australian waters.

Cash bid permits authorise the holder to apply to undertake exploration activities in the permit area.

Australia’s independent offshore petroleum regulator, the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) assesses these applications.

The latest cash bid auction was held on 7 February as part of the 2018 Offshore Petroleum Exploration Acreage Release.

Chevron Australia New Ventures Pty Ltd, Lattice Energy Limited, and Woodside Energy Julimar Pty Ltd and KUFPEC Australia (Julimar) Pty Ltd (jointly) were awarded the new permits. The successful permits include:

Exploration permit VIC/P73

  • Lattice Energy Limited was awarded the V18-3 release area, which is located in the Otway Basin, 50 kilometres south of Warrnambool, Victoria.
  • The successful cash bid was for $4 million.

Exploration permit WA-536-P

  • Woodside Energy and KUFPEC were jointly awarded the W18-7 release area, which is located in the Northern Carnarvon Basin, 150 kilometres west of Dampier, Western Australia.
  • Two bids were made in the auction. Woodside Energy and KUFPEC’s successful joint cash bid was for $5.1 million.

Exploration permit WA-537-P

  • Lastly, Chevron Australia was awarded the W18-10 release area in the Northern Carnarvon Basin, which is positioned 240 kilometres west of Onslow, Western Australia.
  • Chevron’s successful cash bid was for $2 million.

 

Minister for Resources and Northern Australia Matt Canavan said the awarding of these permits proves Australia remains an attractive petroleum exploration investment destination.

“Continued oil and gas exploration and development is the key to protecting our energy security and to protect manufacturing jobs around the nation,” the Minister said.

The final round of the 2018 Offshore Petroleum Exploration Acreage Release is expected to close on 21 March 2019.

More information on the 2018 Offshore Petroleum Exploration Acreage Release can be found here.

Related Articles

merger

Woodside completes merger with BHP Petroleum

Sasanof-1

Drilling of Sasanof-1 well commences in Australia’s North West Shelf

Woodside shareholders approve climate report with narrow margin

activities

Natural gas energises Western Australia to another budget surplus

Comments

Leave a comment Cancel reply

You must be logged in to post a comment.

all news all projects

Latest Posts

  • Latest News
  • Latest Projects
27 Jun

Bullish gasoline market wreaks havoc on European petrochemicals: ICIS

16 Jun

Microfossils provide clues about Australia’s petroleum potential

15 Jun

AEMO makes unprecedented decision to suspend energy market

15 Jun

Wage rises to be felt, but lack of skilled workers a bigger issue

15 Jun

Sanctions weaken oil and gas construction pipeline in Eastern Europe

17 Jun

Esso Australia starts technical tender for Bass Strait decommissioning

17 Jun

Study to check feasibility of turning Torrens Island into a hydrogen hub

17 Jun

AXP energy boosts production with low-cost well re-completion in the US

15 Jun

bp to lead and operate WA renewables and green hydrogen energy hub

15 Jun

Partners to develop offshore renewable green hydrogen production

Online Magazine

    Current Cover
  • Login
  • Subscribe

Subscribe

Subscribe to our newsletter or print magazine

Our Titles

  • Home
  • Contact Us
  • Terms and Conditions
  • Privacy
© Sage Media Group 2022 All Rights Reserved.
×
Authorization
  • Registration
 This feature has been disabled
 This feature has been disabled until further notice, however you may still register
×
Registration
  • Autorization
Register
* All fields required