Australia announces 29 new offshore oil exploration areas

Apr 12, 2005 02:00 AM

The federal government announced 29 new offshore petroleum exploration areas off the Northern Territory, Western Australia, Ashmore and Cartier Islands and South Australia coastlines.
Industry Minister Ian Macfarlane said the new acreage release was a key part of the government's strategy to encourage more exploration of Australia's vast offshore sedimentary basins.

"We have a vast continental shelf, much of which remains under-explored," Mr Macfarlane said.
"There are compelling opportunities for exploration companies of all sizes to look at these new releases which range from mature to frontier basins." He said the new areas included five designated frontier areas which are subject to the 150 % frontier tax concession incentive announced in last year's budget.

"This generous incentive is designed to rebalance the reward-to-risk scales in the investor's favour in remote unexplored areas -- areas where a major new petroleum province could be found," Mr Macfarlane said.
The latest release of 29 areas adds to the 161 exploration permits already granted by the government. Mr Macfarlane said that, under these permits, petroleum exploration work worth more than A$ 3.4 bn ($ 2.6 bn) had been committed to.

Source: AsiaPulse
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