360° Coverage : Australia to boost offshore oil exploration

Australia to boost offshore oil exploration

Canberra, June 17 (IANS) Australia has announced the grant of 13 new offshore petroleum exploration permits as part of round one of the 2012 Offshore Petroleum Exploration Acreage Release, Resources and Energy Minister Gary Gray said in a statement Monday.

Jun 17 2013, 6:00am CDT | by

Australia to boost offshore oil exploration
Photo Credit: MAHMUD TURKIA, Getty Images

Canberra, June 17 — Australia has announced the grant of 13 new offshore petroleum exploration permits as part of round one of the 2012 Offshore Petroleum Exploration Acreage Release, Resources and Energy Minister Gary Gray said in a statement Monday.

The award of these permits will see an estimated 180 million AU dollars ($172.2 million) in new investment in waters off Western Australia and Tasmania over the next three years, reported Xinhua.

According to him, the high demand for Australia's offshore petroleum acreage is pleasing, with 23 bids received for 15 new release areas from a mix of international and Australian companies. This new exploration commitment has the potential to add to Australia's oil and gas reserves.

"The release and subsequent award of exploration acreage is critical to ensure the growth of the Australian petroleum sector remains strong," Gray said.

"This ongoing investment will ensure the continuation of Australia's impressive reputation as a safe, reliable exporter of LNG."

IANS

Source: IANS

 
 
 

<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

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