Geological overview of the 2021 offshore acreage release areas

Abstract

In 2021, a total of 21 areas were released for offshore petroleum exploration. They are located in the Bonaparte Basin, Browse Basin, Northern Carnarvon Basin, Otway Basin, Sorell Basin and Gippsland Basin. Despite COVID-19 negatively impacting the industry, participation in the acreage release nomination process was again robust. However, as has been the case in recent years, industry interest is focussed on those areas that are close to existing discoveries and related infrastructure. In tune with the Australian government’s resource development strategy, the areas being offered for exploration are likely to supply extra volumes of natural gas, both for export to Southeast Asian markets and domestically to meet the forecasted shortage in supply to eastern Australia. According to the 2019 implementation of a modified release process, only one period for work program bidding has been scheduled. The closing date for all submissions is Thursday, 3 March 2022. Geoscience Australia continues to support industry activities by acquiring, interpreting and integrating pre-competitive datasets that are made freely available in the context of the agency’s regional petroleum geological studies. As part of a multidisciplinary study, new data, including regional seismic and petroleum systems modelling, for the Otway Basin are now available. Also, a stratigraphic/sedimentological review of the upper Permian to Early Triassic succession in the southern Bonaparte Basin has been completed, the results of which are being presented at this APPEA conference. Large seismic and well data sets, submitted under the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (OPGSSA), are made available through the National Offshore Petroleum Information Management System (NOPIMS). Additional data and petroleum-related information can be accessed through Geoscience Australia’s data repository.