Six companies have been awarded a total of 10 permits to explore for oil and gas in Australian waters off the Western Australia and South Australian coasts in areas open for bidding under the 2010 offshore petroleum acreage release. The exploration work that follows is estimated to have a combined value of nearly A$137 million over three years, with further investment possible depending on initial findings.

The Minister for Resources and Energy, Martin Ferguson, said that broadening the country’s geological frontiers stood to make Australia less reliant on fuel imports which, in turn, enhanced energy security. He also emphasized environmental safety following the 2009 Montara oilfield spill in the Timor Sea off Western Australia. ‘Australia has a A$16 billion trade deficit in crude oil, refined products, and LPG. That figure may double within four years. So everyone who fills up at the bowser has a stake in future discoveries. But we must meet our energy security requirements in a way that also ensures the safety of workers and the environment. By integrating the lessons of what happened at Montara, we are making sure our oil and gas industry continues to be among the best and safest in the world.’ Read More