The Australian government launched the 2016 Offshore Petroleum Exploration Acreage Release making 28 new areas available for bidding.
The 2016 acreage release comprises areas located across five basins in Commonwealth waters offshore of the Territory of Ashmore and Cartier Islands and Western Australia.
“The oil and gas industry is of high importance to the Australian economy. Offshore extraction of gas will help Australia become the world’s leading exporter of LNG in coming years,” Matt Canavan, Minister for Resources and Northern Australia said in a statement issued on Thursday.
“All areas in the 2016 acreage release were released for public consultation in February 2016. They are based on industry nominations and present a variety of investment opportunities. Release areas are located in a range of water depths and vary in size and level of existing geological knowledge,” said Canavan.
All areas are supported by pre‑competitive geological and geophysical data and analysis, undertaken by Geoscience Australia and information on considerations that may impact upon future petroleum activities in a release area, according to Canavan.
The acreage is available through the usual combination of work-program rounds and a cash bid auction.