Seven new petroleum exploration permits released

The announcement of seven new offshore petroleum exploration permits, with an estimated combined value of $277 million, may be of interest to businesses and homeowners alike.

Resources and energy minister Martin Ferguson said on Thursday (September 13) that these permits have the potential to sustain Australia's energy security and aid its economic growth.

"Exploration is vital for the future of Australia's resources sector, and the Australian government is committed to working with the industry to enhance our international competitiveness and ensure long-term growth of this important industry," he asserted.

"These new exploration permits raise the potential to discover new oil and gas reserves, which will underpin new projects, provide more jobs and support the Australian economy," Mr Ferguson added.

The investment is part of the second round of the 2011 Exploration Acreage Release in areas around the Northern Territory and Western Australia over the next three years.

Businesses and homeowners may wish to keep track of the developments regarding these permits, as it has the potential to impact gas prices in the future.
Australia is reportedly the third largest exporter of liquefied gas (LNG) in Asia-Pacific and the country exports more than $12 billion in LNG a year.

"Australia has more than half of the world's major LNG projects currently in construction and their completion could see Australia become the world's largest LNG exporter," Mr Ferguson said.

Posted by Callum Fleming