The Minister for Resources and Energy, Martin Ferguson AM MP, today announced the granting of thirteen new offshore petroleum exploration permits in Commonwealth waters, representing $500 million of investment in Australia's offshore petroleum sector.
Minister Ferguson said: "In the current economic climate, it is encouraging that so many companies want to invest in the future of Australia's petroleum industry. Exploration is vital to prove up new reserves and maintain a pipeline of new developments for the nation's ongoing energy security and future exports.
"Continued investment in our offshore petroleum resources enhances Australia's international reputation as a geologically attractive province and a safe, attractive destination for capital. The Australian Government welcomes this $500 million investment and will continue working to encourage exploration to unlock the enormous potential of our offshore basins. Most of Australia's more than 50 offshore basins remain largely unexplored so there is plenty of opportunity remaining."
New permits are located in Commonwealth waters off Western Australia and the Northern Territory and include four permits eligible for the Designated Frontier Area (DFA) tax incentive.
The thirteen new permits are:
- Four permits in the Browse Basin, off Western Australia, to Hunt Oil Company (WA-413-P and WA-414-P), Murphy Australia (WA-423-P) and Nexus Energy Australia NL (WA-424-P);
- Three permits in the Canning Basin, off Western Australia, to Woodside Energy Ltd (WA-415-P, WA-416-P and WA-417-P);
- One permit in the Carnarvon Basin, off Western Australia, to Finder Exploration Pty Ltd (WA-418-P);
- Three permits in the Bonaparte Basin, off Western Australia, to Goldsborough Energy Pty Ltd (WA-420-P and WA-421-P), and National Oil Corporation Pty Ltd (WA-422-P);
- Two permits in the Bonaparte Basin, off the Northern Territory, to Essar Exploration and Production Limited (NT/P77 and NT/P78).
A total of twenty four bids were received for thirteen areas of the 2007 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:
http://www.ret.gov.au/resources/Documents/acreage_releases/2007/index.html.
Media contact:
Michael Bradley - 0420 371 744
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-413-P (released as W07-9) in the Browse Basin off Western Australia has been awarded to Hunt Oil Company. The company proposed a guaranteed work program of the purchase of 1033 km of reprocessed 2D seismic data and reprocessing 5450 km of 2D data, 1121 km of new 2D seismic surveying and geotechnical studies to an estimated value of $2.45 million. The secondary work program consists of 433 sq km of new 3D surveying, and two wells to an estimated value of $45.4 million. There were three other bids for this area.
WA-414-P (released as W07-10) in the Browse Basin off Western Australia has been awarded to Hunt Oil Company. The company proposed a guaranteed work program of the purchase of 785 km of 2D reprocessed seismic data, geotechnical studies, reprocessing 287 km of 2D seismic data and 374 km of new 2D seismic surveying to an estimated value of $0.5 million. The secondary work program consists of geotechnical studies, one well and 500 km of new 2D seismic surveying to an estimated value of $18.7 million.There were no other bids for this area.
WA-415-P (released as W07-13, a Designated Frontier Area) in the Canning Basin off Western Australia has been awarded to Woodside Energy Ltd.The company proposed a guaranteed work program of reprocessing 1500 km of 2D seismic data, geotechnical studies and 475 km of new 2D seismic surveying to an estimated value of $3.2 million.The secondary work program consists of geotechnical studies, 400 km of new 2D seismic surveying and one well to an estimated value of $20.3 million.There were no other bids for this area.
WA-416-P (released as W07-14, a Designated Frontier Area) in the Canning Basin off Western Australia has been awarded to Woodside Energy Ltd. The company proposed a guaranteed work program of reprocessing 700 km of 2D seismic data, geotechnical studies and 55 km of new 2D seismic surveying to an estimated value of $0.63 million. The secondary work program consists of geotechnical studies, 150 km of new 2D seismic surveying and one well to an estimated value of $18.85 million. There were no other bids for this area.
WA-417-P (released as W07-15, a Designated Frontier Area) in the Canning Basin off Western Australia has been awarded to Woodside Energy Ltd. The company proposed a guaranteed work program of reprocessing of 700 km of 2D seismic data, geotechnical studies and 175 km of new 2D seismic surveying to an estimated value of $1.35 million. The secondary work program consists of geotechnical studies, 200 km of new 2D seismic surveying and one well to an estimated value of $19.1 million. There were no other bids for this area.
WA-418-P (released as W07-18) in the Carnarvon Basin off Western Australia has been awarded to Finder Exploration Pty Ltd. The company proposed a guaranteed work program of purchasing 980 km of reprocessed 2D seismic data, reprocessing of 1000 km of 2D seismic data, geotechnical studies and 250 sq km of new 3D seismic surveying to an estimated value of $4.6 million. The secondary work program consists of geotechnical studies and one well to an estimated value of $35.3 million. There were no other bids for this area.
WA-420-P (released as W07-2) 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 300 sq km of new 3D seismic surveying to an estimated value of $5.4 million. The secondary work program consists of geotechnical studies and one well to an estimated value of $15.6 million. There were no other bids for this area.
WA-421-P (released as W07-3) 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 850 km of new 2D seismic surveying and 3500 km reprocessing of 2D seismic data at an estimated cost of $2.4 million. The secondary work program consists of geotechnical studies and one well at an estimated cost of $15.6 million.There were no other bids for this area.
WA-422-P (released as W07-1) in the Bonaparte Basin off Western Australia has been awarded to National Oil Corporation Pty Ltd.The company proposed a guaranteed work program of geotechnical studies, 800 km of new 2D and 200 sq km of new 3D seismic surveying to an estimated value of $4.2 million. The secondary work program consists of geotechnical studies and one well to an estimated value of $15.6 million. There were no other bids for this area.
WA-423-P (released as W07-11) in the Browse Basin off Western Australia has been awarded to Murphy Australia Oil Pty Ltd. The companies proposed a guaranteed work program of 500 sq km of new 3D surveying, geotechnical studies and one well to an estimated value of $25.5 million. The secondary work program consists of 500 sq km of new 3D surveying, one well and geotechnical studies to an estimated value of $45.5 million. There were two other bids for this area.
WA-424-P (released as W07-8) in the Browse Basin off Western Australia has been awarded to Nexus Energy Australia NL. The company proposed a guaranteed work program of geotechnical studies and one well to an estimated value of $15.2 million. The secondary work program consists of 500 sq km of new 3D seismic surveying, one well, 200 sq km of new 3D seismic surveying and geotechnical studies to an estimated value of $36.2 million. There were six other bids for this area.
NT/P77 (released as NT07-4, a Designated Frontier Area) in the Bonaparte Basin off the Northern Territory has been awarded to Essar Exploration and Production Limited. The company proposed a guaranteed work program of 950 sq km of new 3D seismic surveying, geotechnical studies and two wells to an estimated value of $59 million. The secondary work program consists of 600 km of new 2D seismic surveying, geotechnical studies and one well to an estimated value of $31 million. There were no other bids for this area.
NT/P78 (released as NT07-5) in the Bonaparte Basin off the Northern Territory has been awarded to Essar Exploration and Production Limited. The company proposed a guaranteed work program of 750 sq km of new 3D seismic surveying, geotechnical studies and one well to an estimated value of $35 million. The secondary work program consists of 700 km of new 2D seismic surveying, geotechnical studies and one well to an estimated value of $27 million. There were no other bids for this area.