| Add RSS Feed

Offshore

Offshore staff

AUSTRALIAN CAPITAL TERRITORY -- Australia's Minister for Resources and Energy Martin Ferguson has announced the award of nine offshore exploration permits representing a $425 million investment.

Five permits were awarded off Northern Territory in the Bonaparte basin. Permit NT-P76, which is eligible for the Designated Frontier Area tax incentive, was awarded to SIPC Australia Pty Ltd., while Apache Northwest Pty Ltd. and Total E&P Australia were awarded permits AC/P42 and AC/P43 in equal partnership. Finder Exploration Pty Ltd. was awarded AC/P44 and AC/P45.

Three permits were in the Browse basin. Total E&P Australia won permit WA-408-P. A consortium including Santos Offshore Pty Ltd., Chevron Australia (W07-5) Pty Ltd., and Inpex Browse Ltd. was awarded WA-410-P, while Santos, Inpex, and Beach Petroleum Ltd. won permit WA-411-P.

Permit WA-409-P in the Carnarvon basin went to Cue Exploration Pty Ltd. and Gascorp Australia Pty Ltd.

A total of 14 bids were received for the nine areas.

"It is encouraging to see the entry of new explorers to the Australian market," Ferguson said. "This heightens our expectations of greater exploration activity now and in the future, and improves the chance of a new discovery being made.

"With only about a decade of known oil resources remaining at today's production rates, Australia is looking down the barrel of a $25 billion trade deficit in petroleum products by 2015. That is why the exploration that will take place in these new permits is so vital to the national interest," the Minister said.

05/12/2008