The government invites companies to bid for the opportunity to invest in oil and gas exploration in Australian Commonwealth waters.
2022 Offshore Petroleum Exploration Acreage Release
The 2022 acreage release is now open. Bidding on these areas closes on Thursday 2 March 2023 at 4pm.
We consulted on areas for inclusion as part of the acreage release process.
View feedback from stakeholders on our consultation hub or learn more about the nomination process for future releases.
Why invest in offshore petroleum exploration
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Australia is an attractive investment location with abundant energy resources for exploration and development.
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Australia’s seabed territory covers more than 14.6 million km² — one of the largest marine jurisdictions in the world.
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Many of Australia’s sedimentary basins remain largely underexplored and have the potential to host significant volumes of hydrocarbons.
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Only around 20% of Australia’s offshore basins are covered by petroleum titles.
Australia is a low-risk environment to invest and do business. Our competitive position is based on:
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a strong and resilient economy
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supportive government policies
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mature trade links with key markets
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the world’s major oil and gas companies participating at all stages of the supply chain.
Australia offers oil and gas explorers:
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an annual release of petroleum acreage for bidding
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open access to precompetitive geological and geophysical data and analysis from Geoscience Australia
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close proximity to growing Asia-Pacific markets
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environmental approvals conducted by a single regulatory authority
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access to world-leading research and development
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innovative oil and gas technologies
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an internationally competitive profit-based tax system.