Petroleum exploration moves forward

Australia s offshore exploration plans 16000646 800506262 0 0 14011955 300

Australia has been expanding its own energy industries of late, with the nation's resources industry still alive and well and discovering new avenues for growth.

Australia is known as a nation with a wealth of minerals and important resources which make up a significant portion of the country's economy.

The oil and gas industries are no exception. Recently on May 27, the government announced its areas for offshore petroleum exploration acreage for 2013, naming a number of areas which it has identified as potential hotspots for the valuable resource.

Once acreage areas are released, companies around the world can bid for exploration rights in those areas to see if extracting petroleum is a viable option.

This is a way of encouraging international exploration in Australia's waters, so that there are always new opportunities available to invest in and providing stability to the oil and gas industries, making longer term planning possible.

It's based upon Australia's stable economic environment as well as the objective-based regulatory framework which takes into account social, economic and environmental concerns while developing Australia's natural resources industry.

On June 17, minister for resources and energy Gary Gray announced that 13 new offshore petroleum exploration permits have been granted, as the round of the 2012 Offshore Petroleum Exploration Acreage plans continue.

"The release and subsequent award of exploration acreage is critical to ensure the growth of the Australian petroleum sector remains strong," said Mr Gray.

These permits will provide around $180 million of investment in waters offshore Western Australia and Tasmania during the next three years. There is the possibility, however, that as work progresses this figure could rise to over $550 million in further secondary developments and projects.

"The high demand for Australia's offshore petroleum acreage is pleasing, with 23 bids received for 15 new release areas from a mix of international and Australian companies."

Mr Gray also commented that the new exploration has the potential to add to Australia's oil and gas reserves and underpins the creation of new projects. It helps to ensure Australia's impressive reputation as a powerful player in the LNG export industry.

Australians concerned about the state of electricity prices and rising bills may benefit from consulting an electricity comparison service in order to ensure they are getting the best deal possible.

Posted by Charlie Moore