The Minister for Resources and Energy, Martin Ferguson AM MP, has awarded ten offshore exploration permits bringing new investment worth $158 million and underlining the importance of offshore petroleum exploration investment to the Australian economy.
The new permits are in Commonwealth waters off Western Australia and the Northern Territory.
Minister Ferguson said Australia's energy security depended on continuing investment in offshore petroleum exploration.
"Despite the global economic downturn, the awarding of these ten new exploration permits indicates that Australia remains a highly attractive and secure destination for offshore petroleum exploration."
"This additional investment in Australia's offshore petroleum exploration sector not only offers exciting potential for petroleum discovery but will ultimately help to further develop our petroleum resources and underpin our security of energy supply."
"As with all petroleum exploration in Australia, the holders of these new permits will be required to comply with the best practice environmental standards set by Australian law. Exploration activities in these new permits will be subject to stringent environmental approvals before offshore petroleum exploration activities commence," he said.
The ten new permits are:
- Four permits in the Roebuck Basin, Western Australia to Carnarvon Petroleum Ltd
(WA-435-P) and Finder Exploration Pty Ltd (WA-436-P, WA-437-P and WA-438-P);
- Two permits in the Carnarvon Basin, Western Australia to Woodside Energy Ltd (WA-434-P) and Chevron Australia Pty Ltd and Shell Development (Australia) Proprietary Limited (WA-439-P);
- Two permits in the Bonaparte Basin, Western Australia to Goldsborough Energy Pty Ltd (WA-440-P and WA-441-P); and
- Two permits in the Bonaparte Basin, Northern Territory to Finder Exploration Pty Ltd (NTP/79) and Murphy Australia Oil Pty Ltd and Diamond Resources Australia Pty Ltd (NTP/80).
A total of 17 bids were received for the 18 areas available in the second closing round of the 2008 Offshore Petroleum Exploration Acreage Release.
The new permits will be jointly administered by the Australian Government and the respective state and territory governments. Maps and full descriptions of the areas can be found at: www.ret.gov.au/resources/Documents/acreage_releases/2008/site/page1.html
Background Note
Under the work program bidding system, applicants are required to nominate a guaranteed minimum 'dry hole' exploration program for each of the first three years of the permit term and a 'secondary' program for the remaining three years.Each component of the program must be completed in the designated year or earlier. Permits are awarded for an initial term of six years, and may be renewed twice for periods of five years.
WA-434-P (released as W08-21) in the Carnarvon Basin off Western Australia has been awarded to Woodside Energy Ltd. The company proposed a guaranteed work program of 1505km of 2D seismic reprocessing, 2610km² of new 3D seismic surveying and four exploration wells to an estimated value of A$121.52m. The secondary work program consists of geotechnical studies and one exploration well to an estimated value of A$24.0m. WA-434-P has been designated as a Frontier Area. There were two other bids for this area.
WA-435-P (released as W08-11) in the Roebuck Basin off Western Australia has been awarded to Carnarvon Petroleum Ltd. The company proposed a guaranteed work program of 2500km of 2D seismic reprocessing and geotechnical studies to an estimated value of A$0.50m. The secondary work program consists of 400km² of new 3D seismic surveying, one exploration well and geotechnical studies to an estimated value of A$48.25m. There was one other bid for this area.
WA-436-P (released as W08-12) in the Roebuck Basin off Western Australia has been awarded to Finder Exploration Pty Ltd. The company proposed a guaranteed work program of 4550km² of new Aeromagnetic surveying, 500 km of 2D seismic reprocessing and geotechnical studies to an estimated value of A$0.47m. The secondary work program consists of 250km of new 2D seismic surveying, geotechnical studies and one exploration well to an estimated value of A$6.60m. There were no other bids for this area.
WA-437-P (released as W08-14) in the Roebuck Basin off Western Australia has been awarded to Finder Exploration Pty Ltd. The company proposed a guaranteed work program of 2350km² of new Aeromagnetic surveying, 500km of 2D seismic reprocessing and geotechnical studies to an estimated value of A$0.42m. The secondary work program consists of 250km of new 2D seismic surveying, geotechnical studies and one exploration well to an estimated value of A$6.60m. There was one other bid for this area.
WA-438-P (released as W08-15) in the Roebuck Basin off Western Australia has been awarded to Finder Exploration Pty Ltd. The company proposed a guaranteed work program of 6050km² of new Aeromagnetic surveying, 500km of 2D seismic reprocessing and geotechnical studies to an estimated value of A$0.55m. The secondary work program consists of 250km of new 2D seismic surveying, geotechnical studies and one exploration well to an estimated value of A$6.60m.
WA-438-P has been designated as a Frontier Area. There were no other bids for this area.
WA-439-P (released as W08-22) in the Carnarvon Basin off Western Australia has been awarded to Chevron Australia Pty Ltd and Shell Development (Australia) Proprietary Limited. The company proposed a guaranteed work program of 501km² of new 3D seismic surveying, geotechnical studies and one exploration well to an estimated value of A$25.25m. The secondary work program consists of geotechnical studies and 500km of new 2D seismic surveying to an estimated value of A$1.15m. WA-439-P has been designated as a Frontier Area. There were two other bids for this area.
WA-440-P (released as W08-6) in the Bonaparte Basin off Western Australia has been awarded to Goldsborough Energy Pty Ltd.The company proposed a guaranteed work program of geotechnical studies and 450km of new 2D seismic surveying to an estimated value of A$1.55m. The secondary work program consists of geotechnical studies and one exploration well to an estimated value of A$15.6m. There was one other bid for this area.
WA-441-P (released as W08-4) in the Bonaparte Basin off Western Australia has been awarded to Goldsborough Energy Pty Ltd.The company proposed a guaranteed work program of geotechnical studies and 550km of new 2D seismic surveying to an estimated value of A$1.55m.The secondary work program consists of geotechnical studies and one exploration well to an estimated value of A$15.6m.WA-441-P has been designated as a Frontier Area. There were no other bids for this area.
NTP/79 (released as NT08-2) in the Bonaparte Basin off Northern Territory has been awarded to Finder Exploration Pty Ltd. The company proposed a guaranteed work program of 400km of new 2D seismic surveying and geotechnical studies to an estimated value of A$0.83m. The secondary program consists of one exploration well and geotechnical studies to an estimated value of A$6.30m. There were no other bids for this area.
NTP/80 (released as NT08-1) in the Bonaparte Basin off Northern Territory has been awarded to Murphy Australia Oil Pty Ltd and Diamond Resources Australia Pty Ltd. The company proposed a guaranteed work program of 3000km of 2D seismic reprocessing, 750km of new 2D seismic surveying and geotechnical studies to an estimated value of A$5.70m. The secondary program consists of 500km² of new 3D seismic surveying, geotechnical studies and one exploration well to an estimated value of A$48.70m. There were no other bids for this area.