2015 Offshore Petroleum Exploration Acreage Release
Demus KingDepartment of Industry and Science, Australian Government
The APPEA Journal 55(1) 67-70 https://doi.org/10.1071/AJ14006
Published: 2015
Abstract
The oil and gas sector is a key contributor to the Australian economy, contributing $30.8 billion in commodity export earnings in 2013–14 (Department of Industry and Science, 2015). Underpinning future growth in the value of oil and gas to the Australian economy is the almost $200 billion of investment in seven LNG projects under construction. Australia relies on foreign capital to continue to explore for, and develop, its natural resources.
New challenges and opportunities are arising for the sector. Increased international competition, advancing technology, and increasing risks and volatile costs associated with the development of fields are features of the current offshore operating environment. Australia’s legislative and policy settings must be sufficiently robust and flexible to support the continued development of Australia’s offshore resources into the future.
To this end, the Australian Government is undertaking a high-level strategic review of the resource management framework for offshore petroleum resources in Commonwealth waters. The review will test the robustness of the policy, legal and regulatory regime to ensure the framework remains flexible enough to keep pace with the evolving environment and continues to attract investment.
The annual Offshore Petroleum Exploration Acreage Release facilitates new investment in offshore petroleum exploration. The 2015 Acreage Release is accompanied by an updated exploration guideline. The guideline increases flexibility in permit management and clarifies competitive work program bidding expectations and good standing as well as providing more flexibility in the way good standing agreements may be discharged. This will enable industry to undertake exploration with increased autonomy and reduce the administrative burden. It accommodates changing technological capacity and encourages increased exploration in Australia’s offshore waters.
Demus King is General Manager of the Offshore Resources Branch within the Department of Industry and Science. He has policy and legislative responsibility for offshore petroleum activities covering exploration, development and production, and works with state and NT counterparts, industry and key agencies to ensure efficient and cooperative management of the regime. In 2014 Demus chaired the offshore petroleum streamlining taskforce. He is now overseeing work to confer regulatory responsibility for offshore petroleum activities in state and NT coastal waters to NOPSEMA. Demus has extensive experience across the resources and energy portfolio having held various responsibilities in these areas during the past 14 years. His former responsibilities include General Manager International Branch with responsibility for advancing the Australian Government’s international resources and energy policy interests. He has also held positions in energy security, and energy markets reform. |
