Australia awards seven offshore exploration permits

Australia awards seven offshore exploration permitsImage courtesy of Australia's Department of Industry, Innovation and Science

Australia’s Coalition Government completed the 2017 Offshore Petroleum Exploration Acreage Release with the award of seven permits.

The seven awards could see more than $530 million invested over the next six years, a statement by the Northern Australia’s minister for resources and Northern Australia, Matt Canavan reads.

“The permits are located in Commonwealth waters off Western Australia, Victoria and the territory of Ashmore and Cartier Islands,” the minister said, adding that the permits have been awarded to “a mix of small, medium and large explorers.”

He also noted that the round one for the 2018 Offshore Petroleum Exploration Acreage release has garnered a lot of interest, attracting 12 bids. All bids are currently under assessment with offers expected from March 2019.

Minister Canavan said the process was recently reviewed and improvements made to ensure the acreage release process continued to deliver strong outcomes.

“The 2019 acreage release will serve as a transition into the streamlined system. Nominations can be submitted for the 2019 release until November 15, 2018,” minister concluded.

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