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Policy & Regulation

Australia aims to boost revenues with new tender

The latest offshore acreage release is designed to secure Australia’s energy security and LNG export earnings for the future The latest offshore acreage release is designed to secure Australia’s energy security and LNG export earnings for the future.
By Sally Bogle 1 August 2019 Asia Pacific / Exploration & Production 0 34449
The Kipper-Tuna-Turrum project in the Bass Strait. (ExxonMobil Australia)

The key issue: A bidding period opened on Wednesday on vast new acreage areas offered for oil and gas exploration offshore Australia. Companies have until 5 March 2020 to bid.

Interfax analysis: Australia’s largest offshore acreage release in 19 years has just opened in what could be seen as a last-gasp attempt by the federal government to generate interest in – and revenue from – its highly-prospective offshore oil and gas zones.

The release covers 64 offshore areas across five sedimentary basins in Commonwealth...