Mining & Resources

$11.1 million cash bid exploration permits awarded

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Oil and gas companies have paid a total of $11.1 million for cash bid permits to secure the right to explore three areas offshore Western Australia and Victoria for the next six years.

Chevron Australia New Ventures Pty Ltd, Lattice Energy Limited, and Woodside Energy Julimar Pty Ltd and KUFPEC Australia (Julimar) Pty Ltd (jointly) have been awarded the new permits.

Minister for Resources and Northern Australia Matt Canavan said the result demonstrated the Australian Government’s commitment to oil and gas exploration investment.

“The awarding of these permits proves Australia remains an attractive petroleum exploration investment destination,” Minister Canavan said.

“Continued oil and gas exploration and development is the key to protecting our energy security and to protect manufacturing jobs around the nation.”

The cash bid auction was held on 7 February 2019 as part of the 2018 Offshore Petroleum Exploration Acreage Release. Four offshore areas received bids, with three of these receiving successful bids.

The 2018 acreage release also offered 16 areas for work program bidding, which requires companies to bid and commit to a program of exploration activities that would significantly improve the geological knowledge of an area.

As a result of the cash bidding process, areas W18-8 and W18-6 have reverted to vacant acreage.

From 2019, acreage releases will focus exclusively on work program bidding.

The final round of the 2018 Offshore Petroleum Exploration Acreage Release will close on 21 March 2019.

Source: Australian Government

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