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- Australian Radioactive Waste Agency
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- Boosting innovation and science
- Co-hosting the Square Kilometre Array
- Increasing international collaboration
- Industry growth centres
- Industry Innovation and Science Australia
- National Measurement Institute
- Optical astronomy in Australia
- Participating in the digital economy
- Promoting innovation precincts
- Science in our department
- Science, technology, engineering and mathematics (STEM)
Energy
Resources
Northern Australia
Trade
Business support
Measurement services
Government to government services
- Regulations and standards
Emissions reduction
Energy
Resources
- Applying to export rough diamonds
- Applying to export uranium and controlled ores
- Offshore mineral exploration and mining
- Offshore oil and gas exploration and development
- Offshore petroleum exploration acreage release process
- Regulating offshore oil and gas in Australian Commonwealth waters
- Regulating the Ranger Uranium Mine
- Taxes and royalties on minerals and petroleum
Measurement
Trade
Space industry
Building industry
Business support
- Funding and incentives
Emissions reduction
Industry innovation and science
- Australian Square Kilometre Array Fellowships Programme
- Business Research and Innovation Initiative
- Business-research collaboration
- Collaborating with Asia-Pacific on science, research and innovation
- Collaborating with China on science and research
- Collaborating with India on science and research
- Cooperative research centres
- Enabling international space investment
- Industry 4.0
- Inspiring Australia: Science engagement in Australia
- International research collaboration
- Moon to Mars: opportunities for Australian businesses
- Prime Minister's Prizes for Science
- Research and Development Tax Incentive
- Supporting advanced manufacturing
- Supporting business and innovation
- Supporting space infrastructure growth
- Transitioning Australia’s automotive manufacturing industry
- Venture capital
Resources
- About us
COVID-19
Jobs
Who we are
- Our Ministers
- Our Executive team
- Organisation chart
- Our portfolio agencies
- Overseas engagement
- Anti-Dumping Commission
- Anti-Dumping Review Panel
- Australian Radioactive Waste Agency
- Australian SKA Office
- Australian Space Agency
- Critical Minerals Facilitation Office
- National Measurement Institute
- Office of Innovation and Science Australia
- Office of Northern Australia
- Office of the Chief Economist
- Office of the Chief Scientist
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- Assurance and Audit Committee
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- Continuing Order of the Senate
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- Deregulation agenda
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- Investing in offshore petroleum exploration
On this page
Investing in offshore petroleum exploration
The annual offshore petroleum exploration acreage release is part of the government’s strategy to promote offshore oil and gas exploration. Each year, the government invites companies to bid for the opportunity to invest in oil and gas exploration in Australian waters.
Why invest in offshore petroleum exploration
- Australia is an attractive investment location with abundant energy resources for exploration and development.
- Australia’s seabed territory covers more than 14.6 million km² — one of the largest marine jurisdictions in the world.
- Many of Australia’s sedimentary basins remain largely underexplored and have the potential to host significant volumes of hydrocarbons.
- 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:
- a strong and resilient economy
- supportive government policies
- mature trade links with key markets
- the world’s major oil and gas companies participating at all stages of the supply chain
Australia offers oil and gas explorers:
- an annual release of petroleum acreage for bidding
- open access to precompetitive geological and geophysical data and analysis from Geoscience Australia
- close proximity to growing Asia-Pacific markets
- environmental approvals conducted by a single regulatory authority
- transparent and practical regulatory requirements
- access to world-leading research and development
- innovative oil and gas technologies
- an internationally competitive profit-based tax system
2021 Offshore petroleum exploration acreage release
Consultation is underway on potential areas to be made available for bidding as part of the 2021 acreage release.
2020 Offshore petroleum exploration acreage release
The 2020 acreage release is now open. Bidding on these areas closes on Tuesday 1 June 2021.
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.
Subscribe to the Australian Petroleum News for exploration acreage investment opportunities.
2019 Offshore petroleum exploration acreage release
Bidding for the 2019 acreage release is being assessed.
Past acreage releases
See past acreage releases on the Australian Government Web Archive:
- 2018 Offshore petroleum exploration acreage release
- 2017 Offshore petroleum exploration acreage release
- 2016 Offshore petroleum exploration acreage release
- 2015 Offshore petroleum exploration acreage release
- 2014 to 2006 Offshore petroleum exploration acreage release
Read more
- See recent data on reasons for investing in Australia in the 2018 Why Australia Benchmark Report on the Austrade website
- Read the Guide to investing in Australia and Foreign Investment Framework on the Austrade website
- Read about energy and resources investment opportunities in Australia on the Austrade website
- Foreign investors may need seek approval from the Australian Treasurer to carry out offshore exploration
Contact us
Email Petroleum.Exploration@industry.gov.au
See also
- Read about taxation and royalties on mineral and petroleum projects
- See forecasts for the value, volume and price of Australia’s major resources and energy commodity exports in the Resources and Energy Quarterly
- We support industry-led Growth Centres in the Mining Equipment, Technology, and Services and Oil, Gas and Energy Resources sectors
Last updated: 19 January 2021
Content ID: 46909