Prospectivity of the 2014 offshore acreage release areas for petroleum exploration
The Australian Government formally releases new offshore exploration areas at the annual APPEA conference. Industry nominations provided guidance for the selection of gazettal areas, and in 2014 all 30 areas are supported by such nominations. The release areas are located across various offshore hydrocarbon provinces ranging from mature basins with ongoing oil and gas production to exploration frontiers. Work program bids are invited for two rounds closing on 2 October 2014 and 2 April 2015, while the closing date for four cash bid areas is 5 February 2015. Twenty-nine of the 2014 Release Areas are located along Australia’s northern margin within the Westralian Superbasin, which encompasses the rift-basins that extend from the Northern Carnarvon Basin to the Bonaparte Basin. Evolution during Gondwana break-up established a series of petroleum systems, many of which have been successfully explored, while others remain untapped. Only one area was nominated and approved for release on Australia’s southern margin. The 220 graticular blocks cover almost the entire Eyre Sub-basin of the Bight Basin. In the context of the recent commencement of large-scale exploration programs in the Ceduna and Duntroon sub-basins, this release area provides additional opportunities to explore an offshore frontier. Geoscience Australia’s new long-term petroleum program supports industry activities by engaging in petroleum geological studies that are aimed at the establishment of margin to basin-scale structural frameworks and comprehensive assessments of Australian source rocks underpinning all hydrocarbon prospectivity studies.