The new Energy Analysis Program (EAP), operating under the Western Australian Government’s Exploration Incentive Scheme (EIS), will provide further support for petroleum and geothermal companies operating in the state.
The EAP offers funding for the analysis of existing resources such as drill core, sidewall core and cuttings. The program will also fund applicants seeking to re-analyse existing geoscientific data to achieve a better understanding of WA’s petroleum and geothermal systems.
Applications for funding will open twice a year, and offers a refund of up to 50 per cent of analysis costs to a maximum of $50,000 per application.
Around $250,000 will be allocated to the EAP during each funding round, with the first series of applications opening on 1 February 2021.
The EIS is managed by the Geological Survey of Western Australia (GSWA) at the Department of Mines, Industry Regulation and Safety.
Geological Survey and Resource Strategy Executive Director, Jeff Haworth, said the new EAP initiative will assist WA’s petroleum and geothermal companies to de-risk and further refine their resources targeting.
“While the EIS co-funded drilling program has been open to mining, petroleum, and geothermal industries since its inception in 2009, mining projects have accounted for around 98 per cent of applications,” Mr Haworth said.
“Following extensive industry consultation, the new EAP will better meet the needs of petroleum and geothermal-focussed projects. Co-funded drilling will still be available to the industry.”
For more information, visit www.dmirs.wa.gov.au/EISenergyanalysis