The Federal Government has announced the 2012 Offshore Petroleum Exploration Acreage Release, comprising of 27 areas across nine basins in waters off the coast of Western Australia, the Northern Territory, Victoria, South Australia and Tasmania.

 

“The 2012 Acreage Release encompasses large frontier basins suited to exploration programs with numerous targets as well as smaller blocks of relinquished and highly prospective acreage in more mature areas,” Minister for Resources and Energy Martin Ferguson said.

 

The high level of early stakeholder participation led to multiple nominations for many of these areas, which are located in a range of water depths and vary in size and exploration history.

 

“The available acreage is supported by data and analysis by Geoscience Australia and all exploration and development activities will be subject to comprehensive assessment.”

 

“Today’s Acreage Release will allow offshore petroleum explorers to seek a larger role in an energy revolution, with a high probability of ongoing major petroleum discoveries in Australia, and more than 40 sedimentary basins yet to be fully explored.”

 

Maps and further information on the release areas and bidding process are available at www.petroleum-acreage.gov.au