2018 offshore petroleum exploration acreage release

The Australian Government’s 2018 offshore petroleum exploration acreage release was announced by the Commonwealth Minister for Resources and Northern Australia, Senator the Hon Matthew Canavan at the 2018 APPEA conference. This paper provides insights into the processes that the Australian Government has undertaken to select the final release areas and goes into detail on the ongoing petroleum related activities of the Department of Industry, Innovation and Science (the Department). The annual acreage release is a central component of ensuring ongoing, sustainable and responsible investment in Australia’s offshore petroleum sector. The annual acreage release remains the primary mechanism for securing investment in offshore oil and gas exploration in areas of known petroleum potential and new geological frontiers. Continued exploration for oil and gas in Commonwealth waters is a central component of ensuring Australia’s future energy security. Australia’s well established and independent environmental regulator, NOPSEMA (the National Offshore Petroleum Safety and Environmental Management Authority), ensures all petroleum activities in Commonwealth waters are performed safely and in an environmentally responsible manner. Combined with NOPTA’s (National Offshore Petroleum Titles Administrator) leading practice titles administration, Australia remains an attractive investment destination while offering industry leading environmental protections and ensuring safe working conditions industry-wide. Australia offers investors access to data, secure tenure, a stable economic environment and a well-established transparent regulatory system for offshore petroleum activities. A key driver for sustainable activity in Australia is the acceptance of multiple use access to Australia’s marine resources. Recognising this, the department consults with a range of stakeholders on the areas it proposes to release for petroleum exploration. This consultation process provides an opportunity for all interested parties to provide comments and feedback on the areas proposed and in particular highlight how interested parties or the areas might be impacted by exploration activities. The 21 areas in the 2018 offshore petroleum exploration acreage release are located in the offshore areas of Western Australia, South Australia, Victoria and the Ashmore-Cartier Islands. These areas will enable the next wave of investment in the Australian resources sector, and the prospect of new oil, gas and condensate production.