About offshore petroleum exploration in Australia
The Australian Government administers policy which encourages petroleum exploration in Australia's offshore areas.
The Department of Resources, Energy and Tourism strives to provide a stable, transparent and internationally competitive offshore exploration investment regime. Each year, following consultation with stakeholders, the department releases offshore petroleum exploration acreage for competitive bidding by prospective explorers.
The annual Offshore Petroleum Exploration Acreage Release is a key part of the Australian Government’s strategy to encourage further petroleum exploration in Australia’s offshore waters. The regular release of acreage enables industry to undertake longer term planning and provides certainty in the release process.
Information on the current acreage that is open for bidding is available at: www.petroleum-acreage.gov.au
The department also manages, in partnership with the states and the Northern Territory, the assessment of applications and the award of exploration permits. The primary objective in awarding an exploration permit is to select the bid most likely to achieve the fullest assessment of the petroleum potential within the permit area in the minimum guaranteed period of the permit. Following discovery of a petroleum resource, the successful explorer will have the right to produce the resource and to construct pipelines and other infrastructure, subject to development approvals to ensure appropriate regard to safety, the environment and good oil field practice.
- Annual release of Australian offshore petroleum exploration acreage
- Each year, the Australian Government formally releases new offshore areas for consideration by the global petroleum exploration industry. This process, known as the Offshore Petroleum Exploration Acreage Release (Acreage Release) is the first step in the search for petroleum in Australian waters.
- Australian Petroleum News—free occasional industry newsletter
- Australian Petroleum News is an occasional newsletter concerning offshore petroleum exploration and production issues. It is written and distributed by the department.
- Offshore petroleum exploration areas open for bidding
- Offshore petroleum exploration areas are currently open for bidding as part of the 2013 Offshore Petroleum Acreage Release.