The Federal Government has announced the grant of seven new offshore petroleum permits as part of the second round of the 2011 Exploration Acreage Release.

 

The Government has estimated that the permits will see an estimated $277 million in new investment in offshore areas off the Northern Territory and Western Australian coasts over the coming three years.

 

“Exploration is vital for the future of Australia’s resources sector, and the Australian Government is committed to working with industry to enhance our international competitiveness and ensure the long-term growth of this important industry,” Federal Minister for Resources and Energy Martin Ferguson said.

 

“There continues to be a strong and growing interest in Australia's prospectivity from both domestic and international companies with 19 bids for seven areas received.

 

“These new exploration permits raise the potential to discover new oil and gas reserves, which will underpin new projects, provide more jobs and support the Australian economy.”

 

Australia is currently the third largest exporter of liquefied natural gas (LNG) in the Asia-Pacific region and the fourth largest LNG exporter in the world, exporting more than $12 billion in LNG a year.

 

“Australia has more than half of the world’s major LNG projects currently in construction and their completion could see Australia become the world’s largest LNG exporter,” Minister Ferguson said.

 

A full list of the exploration permits awarded is attached and further information on acreage release is available atwww.petroleum-acreage.gov.au