2021 Offshore petroleum exploration acreage release
Paul TrotmanDepartment of Industry, Science, Energy and Resources, Canberra, Australia. Email: paul.trotman@industry.gov.au
The APPEA Journal 61(2) 291-293 https://doi.org/10.1071/AJ20191
Accepted: 25 May 2021 Published: 2 July 2021
Abstract
In 2020, the liquefied natural gas (LNG) trade saw a modest increase of 1%, which is in contrast to the strong growth of previous years. Recently, the global LNG trade has picked up following the easing of impacts from the pandemic and demand growth in Asia. An increase of 6% in the global LNG trade is expected in 2021 and 2022. Domestic demand for gas remains high, with gas being used both for residential supply and also as an essential feedstock for the manufacturing industry. With a projected domestic gas shortfall, the future exploration and development of oil and gas will play a key role in ensuring access to secure, reliable and affordable energy in the future as well as assisting economic recovery from the pandemic. The importance of remaining an attractive investment destination is essential. Our challenge is to not only strike the balance of being agile and adaptive to market disruptions but also provide robust policy and regulatory frameworks to underpin future investment in the sector. Against this backdrop, this paper provides details of the 2021 offshore petroleum exploration acreage release and information about the ongoing policy work of the department.
Keywords: acreage release, hydrogen, carbon capture, production and development, unlocking gas, prospective National Gas Reservation Scheme, productivity commission, decommissioning, offshore safety, regulations, NOPTA, NOPSEMA.
Paul Trotman was appointed the Head of the Resources Division in the Australian Government Department of Industry, Science, Energy and Resources (DISER) in April 2018. Immediately prior to his appointment, Mr Trotman was acting Chief of Staff to the Deputy Prime Minister, the Hon Michael McCormack MP. He has worked in senior advisory roles for a number of Commonwealth Ministers across the Resources, Infrastructure, Transport, Trade and Agriculture portfolios. Mr Trotman has over 25 years of experience in the Australian Public Service and has previously worked in the Department of the Treasury and the Department of Social Services. He holds a Master’s of Public Policy from the Australian National University and a Bachelor of Arts (Economics) from the University of Queensland. |
