2018 Offshore Petroleum Acreage Release cash bidding results
New offshore petroleum exploration permits have been awarded following the cash bid auction for the 2018 Offshore Petroleum Exploration Acreage Release.
The 3 new cash bid permits are in Commonwealth waters offshore Western Australia and Victoria.
Companies have paid a total of $11.1 million to secure the right to explore these areas for 6 years.
The cash bidding process
Cash bid permits authorise the holder to apply to undertake exploration activities in the permit area. Australia's independent offshore petroleum regulator, the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA), assesses these applications.
This will be the last cash bid auction for the foreseeable future. Going forward, the focus will be on work program bidding. This requires a new titleholder to commit to a program of exploration activities that will significantly advance the petroleum potential of an area. Work program bidding supports the Government’s objective of stimulating private exploration activity in Australian waters. It is designed to provide fair and equitable access to new exploration acreage for all companies.
Exploration permit VIC/P73
- The V18-3 release area in the Otway Basin, 50km south of Warrnambool, Victoria, was awarded to Lattice Energy Limited.
- One bid was made in the auction. Lattice Energy’s successful cash bid was $4 million.
Exploration permit WA-536-P
- The W18-7 release area in the Northern Carnarvon Basin, 150km west of Dampier, Western Australia was awarded to Woodside Energy and KUFPEC (as joint applicants).
- Two bids were made in the auction. Woodside Energy and KUFPEC’s successful joint cash bid was $5.1 million.
Exploration permit WA-537-P
- The W18-10 release area in the Northern Carnarvon Basin, 240km west of Onslow, Western Australia was awarded to Chevron Australia.
- One bid was made in the auction. Chevron Australia’s successful cash bid was $2 million.
- The W18-6 release area received one unsuccessful bid. The area has now reverted to vacant acreage.
- The W18-8 release area did not receive any prequalification applications and has now reverted to vacant acreage.
- Read more about awarded permits on the NEATS Title Register
- Read about the acreage release process
- Read about investing in offshore petroleum exploration
- The Minister announced the award of $11.1 million cash bid exploration permits – 22 February 2019
- The Minister announced the last cash bid auction for oil and gas exploration – 1 November 2018