Australia Promoting Offshore As Prime E&D Focus

The Modec Venture 1 floating production, storage, and offloading (FPSO) vessel is shown en route to the Elang-Kakatua complex in the Timor Gap area jointly administered by Australia and Indonesia. The FPSO has been leased to a group led by operator BHP Petroleum Pty. Ltd. for the life of the fields. Recent successes in the Timor Gap area have contributed to an overall surge in interest in Australian offshore exploration and development. Photo courtesy of Australian Institute of Petroleum Ltd.'s Petroleum Gazette. Where Australia will offer offshore acreage in 1999 [930,584 bytes] (Figure 1) Offshore Australia exploration maturity [233,970 bytes] (Figu...

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