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Australian Consulate-General, Guangzhou
Media Release PD26/07 Date: 9 August 2007
$800 million to boost offshore petroleum exploration
11 new offshore permits take total investment in Australian offshore petroleum acreage to almost $2.2 billion in 2006
On 31 July 2007, Australian Resources Minister, Ian Macfarlane announced a boost to petroleum exploration in Australian waters, with 11 new offshore permits awarded to exploration companies from the US, France, China, India and Australia.
In total, the companies will invest more than $800 million over the next six years to explore Australian oil and gas opportunities, taking total investment in the 2006 offshore petroleum acreage release to almost $2.2 billion.
The exploration areas that these permits apply to are in Commonwealth waters off Western Australia, Tasmania and the Northern Territory and include four permits in Designated Frontier Areas (DFAs).
Up to 20 per cent of acreage is designated to frontier areas in each annual acreage release. DFA areas must be more than 100 km from a commercialised oil discovery and must not be adjacent to an area designated in the previous year’s acreage release.
To encourage exploration in these unexplored frontier areas and to discover major new oil or gas reserves, the Australian Government provides favourable tax rates to eligible companies which take on the greater risk of exploring in these areas.
Australia plays a key role in stimulating offshore petroleum exploration, increasing Australia's energy supplies and improving our energy security for the region, which will also contribute to the economic growth of the Asia-Pacific region as it looks to secure energy supplies.
For example, demand for natural gas in the Asia-Pacific region is growing strongly and Australia's reputation as a reliable stable supplier makes our LNG highly sought after. Australia is the first country to supply LNG to China, and there are many other opportunities for Australian LNG in the region, including alternative entry points into the North American market.
This year has seen a significant increase in the number of new companies applying to explore in Australian waters plus, from the last round or permits, a number of new players coming to the market.
Of the 21 bids received, the 11 new permits were awarded to:
• Two permits in the Northern Arafura Basin, off Northern Territory, to Samson International (Australia) Pty Ltd;
• One permit in the Sorell Basin, off Tasmania, to Santos Offshore Pty Ltd;
• One permit in the Bonaparte Basin, off Western Australia, to CNOOC Australia E&P Pty Ltd;
• One permit in the Bonaparte Basin, off Western Australia, to Goldsborough Energy;
• One permit in the Bonaparte Basin, off Western Australia, to Reliance Industries Ltd;
• Two permits in the Bonaparte Basin, off Western Australia, to Total E&P Australia;
• One permit in the Carnarvon Basin, off Western Australia, to Woodside Energy Ltd and Hess Exploration (Carnarvon) Pty Ltd; and
• Two permits in the Carnarvon Basin, off Western Australia, to Gerald Nelson.
More information about the permits can be found at www.industry.gov.au/acreagereleases/2006/
For further information, contact Ellen Chen, Public Affairs Officer on（020）3814 0183.