Australia's cash bidding proposal draws industry criticism

12/03/2012
The Australian federal government proposes to reintroduce cash bidding as a basis for awarding offshore exploration acreage in some areas around the country. In announcing the move, Resources and Energy Minister Martin Ferguson said cash bidding would only apply to "mature areas, or those known to contain petroleum accumulations." Ferguson maintained that the system would prevent what he called "over-exploration" and ensure permit releases were "equitable, economic, and efficient." The minister added that the government will consult with industry on the details of a cash bidding regime to ensure there was confidence in the arrangements. He said revenue raised...
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