2010 Offshore petroleum exploration release

2010 ◽  
Vol 50 (1) ◽  
pp. 1
Author(s):  
John Hartwell
Keyword(s):  
Water Depth ◽  
Regulatory Framework ◽  
Geophysical Data ◽  
Petroleum Exploration ◽  
Economic Environment ◽  
Geological Data ◽  
Australian Government ◽  
Investment Opportunities ◽  
Offshore Petroleum

The sustainable annual release of quality petroleum exploration acreage, to provide the global petroleum exploration industry with a variety of investment opportunities in Australian waters, is a key objective of the Australian Government. The annual Offshore Petroleum Exploration Acreage Release (Acreage Release) is underpinned by Australia’s stable economic environment and well-established regulatory framework for offshore petroleum activities. The 2010 Acreage Release areas are located across five basins. Release areas have been carefully selected to offer a range of investment opportunities; areas vary in size, known prospectivity, water depth and level of existing geological data and knowledge. Areas are supported by pre-competitive geological and geophysical data and analysis undertaken by Geoscience Australia.

2012 offshore petroleum exploration acreage release

2012 ◽  
Vol 52 (1) ◽  
pp. 1
Author(s):  
Tania Constable
Keyword(s):  
Natural Gas ◽  
Production Capacity ◽  
Investment Decisions ◽  
Rapid Expansion ◽  
Petroleum Exploration ◽  
Australian Government ◽  
Investment Opportunities ◽  
Water Depths ◽  
Made In ◽  
Offshore Petroleum

Australia has abundant natural gas reserves and is experiencing a rapid expansion of its liquefied natural gas (LNG) production capacity. In 2011 alone, four Australian LNG projects received final investment decisions (FIDs) and another FID was made in the first weeks of 2012. These projects will add more than 33 million tonnes of new LNG capacity, represent more than $100 billion in investment, and will see Australia become the world’s second largest LNG exporter by 2015. These projects are underpinned by Australia’s stable economic environment and our effective and efficient legislative regime that provides the industry the confidence to pursue a variety of investment opportunities. The essential first step covered by this regime is exploration, which is supported by Australia’s annual Offshore Petroleum Exploration Acreage Release. Prepared by the Department of Resources, Energy and Tourism and Geoscience Australia, the annual Acreage Release is the key mechanism used by the Australian Government to encourage investment in petroleum exploration. The 2012 Acreage Release areas have been carefully selected to offer the global petroleum exploration industry a variety of investment opportunities. Areas vary in size, level of existing geological knowledge, and are located in a range of water depths. Selected areas are supported by pre-competitive geological and geophysical data and analysis undertaken by Geoscience Australia. The detailed Acreage Release information package is available at online at www.petroleum-acreage.gov.au or by visiting the Commonwealth Government’s booth at the APPEA conference.

2017 offshore petroleum exploration acreage release

2017 ◽  
Vol 57 (2) ◽  
pp. 301
Author(s):  
Bruce Wilson
Keyword(s):  
Water Depth ◽  
Petroleum Exploration ◽  
Offshore Petroleum

The Australian Government’s 2017 Offshore Petroleum Acreage Release consist of 21 areas located across eight basins. The areas vary in water depth and maturity and offer exploration opportunities for companies of all sizes. All areas have been nominated by industry, publicly consulted on, and assessed by government before release.

2013 offshore petroleum exploration acreage release

2013 ◽  
Vol 53 (1) ◽  
pp. 63
Author(s):  
Tania Constable
Keyword(s):  
Capital Expenditure ◽  
Petroleum Industry ◽  
Production Capacity ◽  
Rapid Expansion ◽  
Petroleum Exploration ◽  
Production Models ◽  
Investment Opportunities ◽  
Trading Partners ◽  
Under Construction ◽  
Offshore Petroleum

Exploration is essential for the future of Australia’s resources sector, to enhance our international competitiveness and ensure the long-term growth of this important industry while maintaining Australian energy security and that of our major energy trading partners. Encouraging investment in offshore petroleum exploration is facilitated though the annual Offshore Petroleum Exploration Acreage Release prepared in collaboration between the Department of Resources, Energy and Tourism, and Geoscience Australia. The annual release is underpinned by a stable economic environment, and a regulatory framework that provides the industry with a variety of investment opportunities. Australia has abundant natural gas reserves and is experiencing a rapid expansion of its LNG production capacity. Today, Australia is the world’s fourth-largest exporter of LNG, with a total export capacity of 24.3 million tonnes per annum from its three operational projects. Capacity will further increase to around 80 million tonnes per annum in 2017 once the seven projects presently under construction come online. These projects represent more than US$175 billion in capital expenditure announced since mid-2007, and result in Australia becoming the only country to use three LNG production models: conventional offshore gas with onshore LNG production; FLNG production; and, CSG-based LNG production. This paper will provide detail about the acreage included in the 2013 Offshore Petroleum Exploration Acreage Release. Areas are carefully selected to offer the global petroleum industry a variety of investment opportunities. This paper will also discuss the supporting regulatory environment and new government initiatives, including the introduction of a five-year exploration strategy for acreage release and the introduction of a cash bidding system as part of future offshore petroleum acreage releases.

2014 Offshore Petroleum Exploration Acreage Release

2014 ◽  
Vol 54 (1) ◽  
pp. 377
Author(s):  
Tania Constable
Keyword(s):  
Natural Gas ◽  
Petroleum Industry ◽  
Production Capacity ◽  
Petroleum Exploration ◽  
Best Interests ◽  
Australian Government ◽  
Regulated Markets ◽  
Trading Partners ◽  
Offshore Petroleum

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.

2011 offshore petroleum exploration acreage release

2011 ◽  
Vol 51 (1) ◽  
pp. 1
Author(s):  
Tania Constable
Keyword(s):  
Sustainable Development ◽  
Energy Consumption ◽  
Energy Security ◽  
Petroleum Exploration ◽  
China And India ◽  
Investment Opportunities ◽  
Petroleum Reserves ◽  
Economic Considerations ◽  
Water Depths ◽  
Offshore Petroleum

Australia has abundant natural gas reserves and is presently the world's fourth largest exporter of LNG. New projects and strengthening demand, led by rising energy consumption in China and India, is expected to increase Australia’s ranking to second by 2015. The discovery of new petroleum reserves also has the potential to reduce Australian energy import dependence and increase supply certainty.With sustainable development and energy security in mind, the Department of Resources, Energy and Tourism is leading the development of the Government’s resources policy to facilitate investment in Australia’s upstream petroleum industry.The 2011 Australian Offshore Petroleum Exploration Acreage Release offers the global petroleum exploration industry a variety of investment opportunities. Release areas are located across nine basins, vary in size and level of existing geological knowledge, are located in a range of water depths, and are supported by pre-competitive and open-file geological and geophysical data.The Acreage Release is underpinned by a stable economic environment and well established regulatory framework, which seeks to balance environmental, social and economic considerations during the development of Australia’s natural resources.The detailed Acreage Release information package is available at online at www.petroleum-acreage.gov.au or by visiting the Commonwealth Government’s booth at the APPEA conference.

A petroleum geological overview of the 2013 offshore acreage release for petroleum exploration

2013 ◽  
Vol 53 (1) ◽  
pp. 69 ◽  
Author(s):  
Thomas Bernecker
Keyword(s):  
Geophysical Data ◽  
Petroleum Exploration ◽  
Free Access ◽  
Australian Government ◽  
Open File ◽  
Work Program ◽  
The North ◽  
Data Coverage

The Australian Government formally releases new offshore exploration areas at the annual APPEA conference. The previous two releases were characterised by several large, gazetted areas in underexplored regions, a trend that is maintained this year with several frontier areas comprising more than 100 graticular blocks on offer. The recent uptake of new exploration permits in the Bight Basin, the offshore North Perth Basin, and the Roebuck Basin indicates a continuing strong industry interest in offshore frontier exploration. A total of 31 areas in 13 geological provinces are formally released in 2013, and work program bids are invited for two rounds closing on 21 November 2013, and 22 May 2014. Area gazettal was, again, well supported by industry nominations. The areas on offer are represented by an even mix of shallow and deepwater areas, as well as by areas close and distant to previous discoveries and producing fields. The Northern Carnarvon, Browse, and Bonaparte basins dominate new exploration opportunities in the 2013 release, while only four areas were gazetted in the North Perth, Otway, and Gippsland basins. These also deserve attention as they have exploration potential in underexplored parts of the basins and offer opportunities to test new play concepts. Data coverage varies from being excellent in more mature areas to sparse in underexplored areas such as the North Perth Basin. The Australian Government continues to assist offshore exploration activities by providing free access to a wealth of open-file geological and geophysical data.

2021 Offshore petroleum exploration acreage release

2021 ◽  
Vol 61 (2) ◽  
pp. 291
Author(s):  
Paul Trotman
Keyword(s):  
Manufacturing Industry ◽  
Oil And Gas ◽  
Domestic Demand ◽  
Liquefied Natural Gas ◽  
Petroleum Exploration ◽  
Demand Growth ◽  
Regulatory Frameworks ◽  
The Future ◽  
Policy Work ◽  
Offshore Petroleum

In 2020, the liquefied natural gas (LNG) trade saw a modest increase of 1%, which is in contrast to the strong growth of previous years. Recently, the global LNG trade has picked up following the easing of impacts from the pandemic and demand growth in Asia. An increase of 6% in the global LNG trade is expected in 2021 and 2022. Domestic demand for gas remains high, with gas being used both for residential supply and also as an essential feedstock for the manufacturing industry. With a projected domestic gas shortfall, the future exploration and development of oil and gas will play a key role in ensuring access to secure, reliable and affordable energy in the future as well as assisting economic recovery from the pandemic. The importance of remaining an attractive investment destination is essential. Our challenge is to not only strike the balance of being agile and adaptive to market disruptions but also provide robust policy and regulatory frameworks to underpin future investment in the sector. Against this backdrop, this paper provides details of the 2021 offshore petroleum exploration acreage release and information about the ongoing policy work of the department.

OFFSHORE PETROLEUM EXPLORATION IN AUSTRALIA ACREAGE BIDDING SYSTEMS: WORK BIDDING OR CASH BIDDING?

2003 ◽  
Vol 43 (1) ◽  
pp. 677
Author(s):  
A.G. Thompson ◽  
V.W.C. Lok
Keyword(s):  
Petroleum Exploration ◽  
Approval Process ◽  
Administrative Discretion ◽  
Administrative Cost ◽  
Natural Justice ◽  
Work Program ◽  
Mixed Regime ◽  
Discretionary Powers ◽  
Exploration And Development ◽  
Offshore Petroleum

The design and efficiency of offshore petroleum acreage bidding systems bear directly on the risk and cost for participants investing in exploration and development projects offshore Australia.Companies, financiers and investors who are interested in investing in petroleum exploration and development activities will find a mixed regime of State and Federal legislation governs such activities in Australia.While the concept of the work program bidding system appears to be sound, the administration of it by the Joint Authorities and Designated Authorities and delegated officers potentially creates many uncertainties for permittees.The approval process is generally a costly and time consuming one under the work program bidding system and its administrative cost diverts funds that otherwise may have been directed to exploration activities.Work program permits are also susceptible to uncertainty and dispute as to whether or not the required work program has been met. Issues of proper or improper exercise of discretionary powers can arise, particularly when wide statutory discretionary powers are in practice circumscribed by Administrative Guidelines.The existence of statutory and administrative discretion requires, in the interests of natural justice, that there be appropriate avenues of appeal for aggrieved permittees. All of the foregoing regulation and cost is removed with cash bid permits. Cash bid permits not only reduce costs for Government but also for industry.The authors are of the view that offering permits by way of the cash bidding system should be reintroduced, with modifications to ensure its efficiency.

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