The Minister for Resources and Energy, Martin Ferguson AM MP, today announced the award of 13 new offshore petroleum exploration permits in Commonwealth waters. The new permits will generate A$155 million of offshore exploration investment. The new permits relate to the first round of the 2008 Acreage Release.
Minister Ferguson said: "The enthusiasm the industry has shown for these petroleum exploration permits highlights the industry's confidence in Australia's prospectivity - a total of 43 bids were received for 17 areas included in the first closing round of the 2008 release. This is a spectacular result.
"New petroleum discoveries are essential to the Australian economy. Australia is no longer a net exporter of transport fuels; indeed, our trade deficit in petroleum liquids grew to almost $15 billion last year, meaning exploration is more important than ever. As Minister for Resources and Energy, I wish these companies every success in their search."
The new permits are located in Commonwealth offshore waters off Western Australia and the Territory of the Ashmore and Cartier Islands.
The thirteen new permits are:
- Five permits in the Bonaparte Basin, Territory of Ashmore and Cartier Islands to Bengal Energy Ltd (AC08-1), Silver Wave Energy Pte Ltd (AC08-2, AC08-5 and AC08-6) and Tata Petrodyne Ltd (AC08-4);
- One permit in the Browse Basin, Territory of Ashmore and Cartier Islands to Woodside Energy Ltd (Operator) and Mitsui E&P Australia Pty Ltd (AC08-8);
- Three permits in the Browse Basin, off Western Australia to Hunt Oil Company (Operator) and SK Energy Co., Ltd (W08-8 and W08-10) and Woodside Energy Ltd (Operator) and Mitsui E&P Australia Pty Ltd (W08-9); and
- Four permits in the Carnarvon Basin, off Western Australia to Apache Northwest Pty Ltd (Operator) and Kufpec Australia Pty Ltd (W08-16), Apache Northwest Pty Ltd (W08-17), and Woodside Energy Ltd (Operator) and Mitsui E&P Australia Pty Ltd (W08-19 and W08-20).
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:
http://www.ret.gov.au/resources/Documents/acreage_releases/2008/site/page1.htm
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.
1. AC/P46 (released as AC08-4) in the Bonaparte Basin in the Territory of Ashmore and Cartier Islands has been awarded to Tata Petrodyne Ltd. The company proposed a guaranteed work program of a new 300km 2D seismic survey, a new 300km2 3D seismic survey and geotechnical studies to an estimated value of A$4.8 million. The secondary work program consists of a CSEM survey, one exploration well and geotechnical studies to an estimated value of A$16.3 million. There were no other bids for this area.
2. AC/P47 (released as AC08-1) in the Bonaparte Basin in the Territory of Ashmore and Cartier Islands has been awarded to Bengal Energy Ltd. The company proposed a guaranteed work program of 985km of 2D seismic reprocessing, a new 750km2 3D seismic survey and geotechnical studies to an estimated value of A$11 million. The secondary work program consists of one exploration well and geotechnical studies to an estimated value of A$28 million. There was one other bid for this area.
3. AC/P48 (released as AC08-8) in the Browse Basin in the Territory of Ashmore and Cartier Islands has been awarded to Woodside Energy Ltd (Operator) and Mitsui E&P Australia Pty Limited. The company proposed a guaranteed work program of 600km of 2D seismic reprocessing, 1098km2 of 3D seismic reprocessing, a new 505km2 3D seismic survey and geotechnical studies to an estimated value of A$9.6 million. The secondary work program consists of one exploration well and geotechnical studies to an estimated value of A$42.4 million. There were four other bids for this area.
4. AC/P49 (released as AC08-2) Bonaparte Basin in the Territory of Ashmore and Cartier Islands has been awarded to Silver Wave Energy Pte Ltd. The company proposed a guaranteed work program of 500km of 2D seismic reprocessing, the licensing of existing multi-client 2D seismic data, a new 1000km 2D seismic survey and geotechnical studies to an estimated value of A$6.7 million. The secondary work program consists of one exploration well and geotechnical studies to an estimated value of A$33 million. There were no other bids for this area.
5. AC/P50 (released as AC08-5) in the Bonaparte Basin in the Territory of Ashmore and Cartier Islands has been awarded to Silver Wave Energy Pte Ltd. The company proposed a guaranteed work program of 1000km of 2D seismic reprocessing, 250km2 of 3D seismic reprocessing, a new 200km2 3D seismic survey and geotechnical studies to an estimated value of A$10.5 million. The secondary work program consists of one exploration well and geotechnical studies to an estimated value of A$33 million. There was one other bid for this area.
6. AC/P51 (released as AC08-6) in the Bonaparte Basin in the Territory of Ashmore and Cartier Islands has been awarded to Silver Wave Energy Pte Ltd. The company proposed a guaranteed work program of 1000km of 2D seismic reprocessing, 250km2 of 3D seismic reprocessing, a new 1000km 2D seismic survey and geotechnical studies to an estimated value of A$7.4 million. The secondary work program consists of a new 1000km 2D seismic survey, one exploration well and geotechnical studies to an estimated value of A$35.2 million. There was one other bid for this area.
7. WA-425-P (released as W08-8) in the Browse Basin off Western Australia has been awarded to Hunt Oil Company (Operator) and SK Energy Co., Ltd. The company proposed a guaranteed work program of purchasing 640km of reprocessed 2D seismic data, 2675km of 2D seismic reprocessing, a new 400km 2D seismic survey, a new 744km2 3D seismic survey, and its reprocessing, and geotechnical studies to an estimated value of A$19.5 million. The secondary term consists of two exploration wells and geotechnical studies to an estimated value of A$62 million. There was one other bid for this area.
8. WA-426-P (released as W08-17) in the Carnarvon Basin off Western Australia has been awarded to Apache Northwest Pty Ltd. The company proposed a guaranteed work program of a new 162km2 3D seismic survey and geotechnical studies to an estimated value of A$2.3 million. The secondary program consists of one exploration well and geotechnical studies with an estimated value of A$30 million. There was one other bid for this area.
9. WA-427-P (released as W08-16) in the Carnarvon Basin off Western Australia has been awarded to Apache Northwest Pty Ltd (Operator) and Kufpec Australia Pty Ltd. The company proposed a guaranteed work program of a new 162km2 3D seismic survey and geotechnical studies to an estimated value of A$2.7 million. The secondary program consists of one exploration well and geotechnical studies to an estimated value of A$30.4 million. There was one other bid for the area.
10. WA-428-P (released as W08-19) in the Carnarvon Basin off Western Australia has been awarded to Woodside Energy Ltd (Operator) and Mitsui E&P Australia Pty Limited. The company proposed a guaranteed work program of 100km of 2D seismic reprocessing, a new 240km2 3D seismic survey, a CSEM survey and geotechnical studies to an estimated value of A$5.3 million. The secondary program consists of one exploration well and geotechnical studies to an estimated value of A$30.6 million. There were two other bids for this area.
11. WA-429-P (released as W08-9) in the Browse Basin off Western Australia has been awarded to Woodside Energy Ltd (Operator) and Mitsui E&P Australia Pty Limited. The company proposed a guaranteed work program of 1505km of 2D seismic reprocessing, a new 125km2 3D seismic survey and geotechnical studies to an estimated value of A$3 million. The secondary term consists of a new 250km2 3D seismic survey and geotechnical studies to an estimated value of A$5.9 million. There were no other bids for this area.
12. WA-430-P (released as W08-20) in the Carnarvon Basin off Western Australia has been awarded to Woodside Energy Ltd (Operator) and Mitsui E&P Australia Pty Limited. The company proposed a guaranteed work program of 175km of 2D seismic reprocessing, a new 560km2 3D seismic survey, a CSEM survey and two exploration wells to an estimated value of A$71.5 million. The secondary program consists of 280km2 of 3D seismic reprocessing, one exploration well and geotechnical studies to an estimated value of A$30.4 million. There were three other bids for this area.
13. WA-431-P (released as W08-10) in the Browse Basin off Western Australia has been awarded to Hunt Oil Company (Operator) and SK Energy Co., Ltd. The company proposed a guaranteed work program of the purchase of 1099km of reprocessed 2D seismic data, 850km of 2D seismic reprocessing, a new 300km 2D seismic survey and geotechnical studies to an estimated value of A$0.7 million. The secondary program consists of one exploration well, a new 500km2 3D seismic survey and geotechnical studies to an estimated value of A$54.2 million. There were two other bids for this area.