2014 Offshore Petroleum Exploration Acreage Release

Abstract

The potential for natural gas to fuel economic growth around the world is tremendous. Australia has a pivotal role to play with our abundant natural gas reserves and record levels of investment in LNG production capacity. Australia is presently the world’s third-largest exporter of LNG, with an export capacity of 24.3 million tonnes per annum (mtpa) from three operational projects. Capacity will increase to around 90 mtpa by 2018, once the seven projects being constructed come online. The Australian Government is committed to ensuring the long-term growth of the petroleum industry, and the promotion of competitive, sustainable and well-regulated markets operating in the best interests of the nation. Exploration is essential for the future of Australia’s resources sector to enhance our international competitiveness while maintaining Australian energy security and that of our energy trading partners. Investment in offshore petroleum exploration is facilitated though the annual Offshore Petroleum Exploration Acreage Release prepared by the Australian Government Department of Industry and Geoscience Australia. The Offshore Petroleum Exploration Acreage Release is underpinned by a stable economic environment and clear regulatory framework that provides investment certainty and security of title. This paper provides details about the acreage included in the 2014 Offshore Petroleum Exploration Acreage Release. All areas are supported by geological data and analysis from Geoscience Australia. This paper also discusses the introduction of cash bidding for mature areas and areas containing known petroleum accumulations, in addition to Australian Government initiatives in the offshore petroleum sphere.