Australia Announces Permit Winners Offshore Western Australia

The successful bidders for five new petroleum exploration permits in Commonwealth waters off Western Australia were announced by the Federal Industry, Tourism and Resources Minister, Ian Macfarlane, while visiting Western Australia. In a joint announcement with the Western Australia Minister for State Development, Clive Brown, Mr. Macfarlane said that it's estimated the licensees will spend around $122 million in exploration activities over the next six years.

The permits cover a variety of play types, from the emerging gas province of the Bonaparte Basin to the frontier acreage of the Perth Basin. "It is proposed that more than $100 million will be spent on exploration in the Perth Basin over the next six years," Mr. Macfarlane said. "The awarding of four permits in the Perth Basin is of particular interest, not only because of its proximity to Geraldton and the southern markets, but because this represents exploration in an area that historically has received very little attention from petroleum explorers. "Australia is under-explored but not unprospective. A greater understanding of our frontiers, such as the Perth Basin, is essential if we are to keep supplying locally the energy we need to underpin our future development."

The permits have been awarded as follows:

WA-324-P Daytona Energy Corporation
WA-325-P Roc Oil (WA) PL, Bounty Oil and Gas NL, Chimelle Petroleum Ltd
WA-326-P Agip Australia BV
WA-327-P Chimelle Petroleum Ltd
WA-328-P AGIP Australia BV, Santos Offshore PL

"Australia's energy needs for the next 10 to 20 years will require continued development of our petroleum resources. An active exploration industry is the key to Australia avoiding a high reliance on fuel imports," Mr. Macfarlane said. This announcement follows on from others related to the April close of bidding. Further announcements of awards of permits are expected shortly.

Permit WA-324-P (originally released as area W00-24) has been awarded to Daytona Energy Corporation which proposed a guaranteed program for the first three years of data review, reprocessing and studies, and 250km of 2D seismic acquisition at an estimated cost of $1.0m. The company also proposed a secondary program of 2 wells and 200km of 2D seismic acquisition at an estimated cost of $16.5m. The permit was awarded on 5 July 2002. There were no other bids for this Bonaparte Basin area.

Permit WA-325-P (originally released as area W01-24) has been awarded to a consortium of Roc Oil (WA) Pty Ltd (55%, operator), Bounty Oil and Gas NL (22.5%) and Chimelle Petroleum Ltd (22.5%). The licencees proposed a guaranteed program for the first three years of a 2000km 2D seismic survey, a 500km2 3D seismic survey, 2 wells and studies at an estimated cost of $17.5m. The companies also proposed a secondary program of 300km2 of 3D seismic surveying, 2 wells, and geological and geophysical studies at an estimated cost of $13m. The permit was awarded on 24 July 2002. There were two other bids for the area.

Permit WA-326-P (originally released as area W01-25) has been awarded to AGIP Australia BV, which proposed a guaranteed program for the first three years of a 1215km 2D seismic survey and studies at an estimated cost of $1.7m. The company also proposed a secondary program of a 200km2 3D seismic survey, a well and studies at an estimated cost of $24.2m. The permit was awarded on 24 July 2002. There were no other bids for the area.

Permit WA-327-P (originally released as area W01-22) has been awarded to Chimelle Petroleum Limited. The company proposed a guaranteed program for the first three years of geological and geophysical studies, a 1000km 2D seismic survey, a geochemical sniffer survey and technical review at an estimated cost of $1.95m. Chimelle also proposed a secondary program of two wells, and a 500km 2D seismic survey at an estimated cost of $10.75m. The permit was awarded on 24 July 2002. There was one other bid for the area.

Permit WA-328-P (originally released as area W01-23) has been awarded to AGIP Australia BV (67%, operator) and Santos Offshore PL (33%). The licencees proposed a guaranteed program for the first three years of a 3015km 2D seismic survey, 300km2 of 3D seismic surveying and studies at an estimated cost of $9.37m. The secondary program comprises a well, studies, and 300km2 of 3D seismic surveying at an estimated cost of $26.2m. The permit was awarded on 25 July 2002. There were no other bids for the area.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles
Related Articles

Brent Crude Oil : $53.96/BBL 0.35%
Light Crude Oil : $51.36/BBL 0.21%
Natural Gas : $3.209/MMBtu 0.34%
Updated in last 24 hours