2013 offshore petroleum exploration acreage release
Tania ConstableDepartment of Resources, Energy and Tourism
The APPEA Journal 53(1) 63-68 https://doi.org/10.1071/AJ12006
Published: 2013
Abstract
Exploration is essential for the future of Australia’s resources sector, to enhance our international competitiveness and ensure the long-term growth of this important industry while maintaining Australian energy security and that of our major energy trading partners. Encouraging investment in offshore petroleum exploration is facilitated though the annual Offshore Petroleum Exploration Acreage Release prepared in collaboration between the Department of Resources, Energy and Tourism, and Geoscience Australia. The annual release is underpinned by a stable economic environment, and a regulatory framework that provides the industry with a variety of investment opportunities.
Australia has abundant natural gas reserves and is experiencing a rapid expansion of its LNG production capacity. Today, Australia is the world’s fourth-largest exporter of LNG, with a total export capacity of 24.3 million tonnes per annum from its three operational projects. Capacity will further increase to around 80 million tonnes per annum in 2017 once the seven projects presently under construction come online. These projects represent more than US$175 billion in capital expenditure announced since mid-2007, and result in Australia becoming the only country to use three LNG production models: conventional offshore gas with onshore LNG production; FLNG production; and, CSG-based LNG production.
This paper will provide detail about the acreage included in the 2013 Offshore Petroleum Exploration Acreage Release. Areas are carefully selected to offer the global petroleum industry a variety of investment opportunities. This paper will also discuss the supporting regulatory environment and new government initiatives, including the introduction of a five-year exploration strategy for acreage release and the introduction of a cash bidding system as part of future offshore petroleum acreage releases.
Tania Constable is Head of the Australian Government Resources Division in the Department of Resources, Energy and Tourism, Canberra. The Resources Division provides policy advice to the Australian Government on resources legislation and administration related to the petroleum, coal, minerals, and uranium industries. Tania holds statutory positions as the Timor Sea Treaty Joint Commissioner, and International Unitisation Agreement Sunrise Commissioner. She is also the Chair of the Upstream Petroleum and the Offshore Minerals Working Group of the Standing Committee on Energy and Resources, and is serving on the CSIRO Advisory Council for the Minerals Downunder Flagship. Tania has extensive experience across the Resources and Energy portfolio having held various Senior Executive Service positions during the past 10 years. From 2008 to March 2010 she held the position of Principal Adviser, Resources and Energy Policy, working on the government’s Energy White Paper. Prior to this she held General Manager positions in Energy Policy, Resources Development, and Downstream Petroleum. petroleum.exploration@ret.gov.au |
