Review of the 2008 offshore petroleum exploration release areas

Abstract

Each year the Australian Government releases new offshore opportunities for petroleum exploration. Thirty-five new exploration areas located across five of Australia’s offshore sedimentary basins are offered in the 2008 Release. All the areas are available through a work program bidding system with closing dates for bids at six and 12 months from the date of release. Acreage in the first round closes on 9 October 2008 and includes the more explored areas. The second closing round on 9 April 2009 comprises acreage located in less well explored and frontier regions.

The 2008 exploration areas are in Commonwealth waters offshore of Western Australia and the Northern Territory, and in the Territory of the Ashmore and Cartier Islands adjacent area. The 2008 Release focusses on the North West Shelf, as well as offering two new exploration areas in the Vlaming Sub-basin in the offshore Perth Basin.

Seven of the new release areas are located in Australia’s major hydrocarbon producing province, the Carnarvon Basin. They include a shallow water area in the western Barrow Sub-basin and another on the Rankin Platform, three areas in deeper water in the Exmouth Sub-basin and two on the deepwater Exmouth Plateau. Six areas are available for bidding in the Browse Basin and another five in the Bedout Sub-basin of the Roebuck Basin. In the Bonaparte Basin, the 15 Release areas are located in shallow water and represent a range of geological settings, including the Vulcan and Petrel sub-basins, Ashmore Platform and Londonderry High.

The 2008 Offshore Petroleum Exploration Release of 35 areas in five basins covers a wide range in size, water depth and exploration maturity to provide investment opportunities suited to both small and large explorers. The Release areas are selected from nominations from industry, the States and Territory, and Geoscience Australia. The focus of the 2008 Release is on the North West Shelf where there is strong industry interest in the producing Carnarvon and Bonaparte basins and in the Browse Basin, the home of super-giant gas fields under active consideration for development. Also included in the 2008 Release is the Bedout Sub-basin, in the Roebuck Basin, located on the central North West Shelf, between the hotly contested Carnarvon and Browse basins. In addition, the Release show-cases the southern Vlaming Sub-basin, Perth Basin, where recent studies by Geoscience Australia provide a new understanding of petroleum potential (Nicholson et al, this volume).