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.
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.