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