The Australian government has announced a study of Southern Australian offshore basins as part of a $90-million (Aus.) investment in the country’s domestic gas security and supply.
The project, taking in the Gippsland, Otway, Bass, and Sorell basins will be undertaken with input from the Victorian and Tasmanian governments while the National Offshore Petroleum Titles Administrator (NOPTA) and Geoscience Australia will provide expert advice.
Known as the Offshore South East Australia Future Gas Supply study, the work will examine the prospects for future supplies of gas to supply the southeast Australian domestic gas market.
The Federal Minister for Resources and Northern Australia Senator Matt Canavan said the project aim is to ensure Australia continues to make the most of its vast gas resources. He added that it is essential that the governments support ongoing exploration and development.
The study will focus on developing a better understanding of the volumes of gas available in this still productive region and seek to identify opportunities to maximise sustainable gas recovery.
As an adjunct, the government is introducing the Australian Domestic Gas Security Mechanism as a safeguard to ensure Australian gas users have access to gas at a reasonable price at the same time as continuing the country’s leading role in the global LNG export market.