Australian government puts exploration blocks up for bid

The Australian government has proposed a total of 30 blocks for its annual offshore exploration acreage release for 2014. Of these blocks, only four have been proposed for cash-bidding.

The announcement has surprised the industry, which had been bracing itself for a larger proportion ever since the government in 2012 flagged its intention to reintroduce cash bidding in 2014 for blocks that are either mature or that contain known petroleum accumulations.

Each of the four areas is small—ranging 200-600 sq km. Three are in the offshore Carnarvon basin close to producing areas and one in the Browse basin close to the Ichthys gas-condensate field.

The small number and size of the cash-bid blocks on offer suggests the government is not intent on revenue raising and, indeed, is serious about promoting cash bidding as a more efficient auction process in proven areas.

Overall, most of the proposed blocks are in the Carnarvon and Browse basins, 16 and 8, respectively. Another two are in the offshore Bonaparte basin and three more lie further east in the Arafura Sea in the vicinity of the yet-to-be-developed Caldita and Barossa gas fields. One large area is in the Bight basin extending west from the offshore South Australia-Western Australian border.

Related Articles

Tethys reports second successful gas well in Kazakhstan

03/20/2014 Tethys Petroleum Ltd. reported the success of the second shallow gas exploration well of its 2014 program on the Akkulka block in the Caspian regio...

BOEM: Firms bid $850 million in high bids in central gulf lease sale

03/19/2014 The US Bureau of Ocean Energy Management reported that its central Gulf of Mexico Lease Sale 231 received 380 bids from 50 companies on 326 blocks,...

CNOOC makes gas discovery in Qiongdongnan basin

03/19/2014

CNOOC Ltd. has made a natural gas discovery in the east Lingshui Sag of the deepwater area in the South China Sea’s Qiongdongnan basin.

Cairn, FAR to drill exploration wells offshore Senegal

03/19/2014

FAR Ltd., Perth, will participate in the drilling of two deepwater exploration wells offshore Senegal next month.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected