Australian states and Northern Territory acreage update
It is encouraging to note that a number of international oil companies (IOCs) have taken an interest in Australian onshore exploration, including the following: Bowen-Surat Basin—BG, ConocoPhillips, CNOOC, PetroChina, Sinopec, KOGAS, Mitsui, Petronas, Shell, and Total.Canning Basin—Mitsubishi, ConocoPhillips, Hess, PetroChina, and Apache.Cooper-Eromanga Basin—BG, and Chevron.Galilee Basin—CNOOC.Georgina Basin—Statoil, and Total. There is now greater interest in Australian onshore exploration, including in a number of sedimentary basins that have previously largely been overlooked. New views on geology and the development of a commercial shale and tight gas sector in the US have prompted a reassessment of onshore petroleum potential, especially in SA, the NT and WA. Access to onshore acreage in Australia for petroleum exploration is, in most jurisdictions, by means of a formal release process with a work program bidding system. Acreage that is being made available for exploration will generally be accompanied by information regarding its geological setting and petroleum prospectivity. Previous exploration activity may be summarised (including information in relation to the amount of pre-existing data available to applicants for acreage), and relevant maps and figures may be included. The following is a compilation of material supplied by the states and NT in relation to onshore acreage being made available for petroleum exploration.