Australia offers 42 offshore exploration licenses

April 9, 2001
Australia is offering 42 offshore petroleum exploration areas for open bid. Sen. Nick Minchin, Australia's minister for Industry, Science, and Resources, said the leasing fits the government strategy to encourage more intensive exploration of the continental shelf.


By the OGJ Online Staff

HOUSTON, Apr. 9 -- Australia is offering 42 offshore petroleum exploration areas for open bid.

Sen. Nick Minchin, Australia's minister for Industry, Science, and Resources, said the leasing fits the government strategy to encourage exploration of the continental shelf.

The exploration licenses include: 26 areas off the coast of Western Australia, 1 area in the Territory of Ashmore and Cartier Islands, 4 areas off Victoria, 5 areas off the Northern Territory, 3 areas off South Australia, and 3 areas off northwestern Tasmania.

Minchin said the licensing round is a mix of relatively mature, underexplored, and frontier areas. "These areas will be the principal release of offshore acreage this year and they will be subject to the work program bidding system. Any subsequent exploration permits will be awarded for an initial term of 6 years."

Bids for 13 of the areas offered will close Oct. 11. Bidding for the other 29 areas will close Apr. 11, 2002.