Rick Wilkinson
OGJ Correspondent
MELBOURNE, Nov. 25 -- Australia has awarded 13 offshore exploration permits in its 2007 release scheme, and the successful companies have pledged a total expenditure of $500 million (Aus.) in exploration investment over the next 6 years, despite the global economic crisis.
The permits lie off Western Australia and Northern Territory, and four of them have been designated frontier areas, which means the successful companies are entitled to a more-favorable tax rate.
Woodside Petroleum was awarded three permits (WA-415-P, WA-416-P, and WA-417-P) in the little-explored offshore Canning basin which lies inshore of the Browse basin region.
Returning independents Hunt Oil and Murphy Australia, along with local company Nexus Energy, won the four Browse basin permits on offer. Hunt received WA-413-P and WA-414-P, while Murphy secured WA-429-P and Nexus scored WA-424-P.
Small Perth-based explorer Finder Exploration won the sole permit on offer in the Carnarvon basin, WA-418-P.
Newcomer Essar Exploration & Production of India won two permits (NT/P77 and NT/P78) in the Northern Territory area of the Bonaparte basin, while Melbourne-based Albers Group companies added to its existing tally of Bonaparte permits with three more in the Western Australian area (WA-420-P, WA-421-P, and WA-422-P).
A total of 24 bids were received for the 13 permits on offer.
