Strong interest in latest offshore petroleum acreage release

23 Mar, 2022

Oil and gas exploration can be both an enigmatic and complex practice. Reserves often occur several kilometres underground, with the surface rarely showing any indication of what lies beneath it. One important technique that the industry uses to determine the location and size of potential oil and gas reserves is seismic surveying.

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.

Pitt said: “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.

“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.”

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.

Pitt added: “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.