Western Australia Official: Record Exploration Spending

An exciting chapter in petroleum exploration in Western Australia is about to unfold, with an unprecedented $841million to be spent on new exploration work programs in the state's far north.

Resources Minister Francis Logan announced Wednesday that oil and gas exploration permits had been granted for 30 new wells to be drilled in the Browse Basin, the Exmouth Plateau and the Carnarvon Basin.

Logan said this included the biggest single work commitment in WA's petroleum exploration history.

"American energy giant, the Hess Corporation, has undertaken to spend $504 million on exploration over the next three years, including 16 new wells on the Exmouth Plateau, about 130 km west of Barrow Island," the Minister said. "We believe the Hess work program is a record bid for an Australian oil and gas permit, eclipsing Shell's $127 million bid to win a permit on the Browse Basin last year."

Logan said Hess had contracted a drilling rig for the first year of its operation.

The company had also opened a temporary office in Perth but would be looking to expand its operations once the project began.

"The deal with Hess shows petroleum exploration in WA is reaching new heights," the Minister said.

"WA accounts for 56 percent of Australia's petroleum exploration total, with petroleum exploration in WA increasing by 65 percent in the last financial year from $572 million to $942 million."

Other oil and gas exploration permits have been awarded to:

  • Woodside Energy for one well in the Browse Basin ($96 million);
  • Chevron Australia, Shell and Mobil for one well in the Exmouth Plateau ($45 million);
  • OMV Australia for two wells in the Carnarvon Basin ($55 million);
  • Holloman Corporation for four wells in the Carnarvon Basin ($58 million);
  • Sweetpea Petroleum for five wells in the Carnarvon Basin ($62 million); and
  • Octanex and Strata Resources for one well in the Carnarvon Basin ($21 million).
Related Companies
 Company: Exxon Mobil Corporationmore info

 - Exxon CEO Doesn't See Supply Shortage Pushing Up Oil Prices (Oct 19)
 - ExxonMobil To Start Drilling First Liberia Well In November (Oct 19)
 - Norway Gas Plant Workers Agree Wage Deal, Avoid Strike (Oct 7)
 Company: Shellmore info

 - Shell Suspends Pacific Northwest Crude-By-Rail Project (Oct 7)
 - Norway Gas Plant Workers Agree Wage Deal, Avoid Strike (Oct 7)
 - Oil Industry Teams Up to Fight Cyber-Crime (Sep 29)
 Company: Woodsidemore info

 - Woodside: Oil, Gas Deal Environment Has Improved Over Past Year (Oct 20)
 - Wheatstone LNG Development Start-Up in Mid-2017 Says Woodside CEO (Oct 20)
 - Woodside Eyes LNG Boost After $400 Million Gas Deal With BHP (Sep 6)
 Company: Chevron Corporationmore info
 - Chevron Confirms Is In Discussions For Potential Bangladesh Sale (Oct 13)
 - Kidnapped Romanian Oil Engineer in Niger Delta Released (Oct 13)
 - Jefferies: OPEC Output Cut Unlikely (Oct 11)
 Company: Hess Corporationmore info

 - Oil Producer Hess Reports Smaller-Than-Expected Loss (Oct 26)
 - Oil, Gas Companies Evacuate GOM Staff Ahead of Tropical Depression (Aug 30)
 - Malaysia's Perisai Gets 6 Months Charter Extension for FPSO Perisai Kamelia (Aug 22)
 Company: OMVmore info
 - Gazprom Wants More Than 25% Of OMV North Sea Assets (Sep 15)
 - Quadrant Fails to Find Hydrocarbons at Driftwood-1 Well in Carnarvon Basin (Aug 16)
 - OMV Intensifies Investment, Cost Cuts As Oil Price Weighs (Aug 10)
 Company: Holloman Corp.more info
 - Holloman to Continue Exploration at Cooper Basin Despite Flooding (Aug 12)
 - Endeavour Acquires Gippsland Basin Concession (Aug 10)
 - Western Australia Official: Record Exploration Spending (Apr 4)
 Company: Sweetpea Petroleummore info
 - Western Australia Official: Record Exploration Spending (Apr 4)
 Company: Octanexmore info
 - Muhibbah Says Malaysia's Ophir Field WHP EPCIC Deal is Worth $21.7M-$23.4M (Nov 30)
 - OPSB Awards Malaysia's Offshore Ophir Field WHP EPCIC Contract to Muhibbah (Nov 27)
 - PETRONAS Approves Development Plan for Malaysia's Offshore Ophir Oil Field (Sep 1)
 Company: Strata Resourcesmore info
 - Strata Retains IEC for Permian Asset Sale, Dev't (Feb 5)
 - Western Australia Official: Record Exploration Spending (Apr 4)

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Production Engineer
Expertise: Production Engineering
Location: Houston, TX
Senior Client / Program Manager
Expertise: Geologist|Reservoir Engineering
Location: Seattle, WA
Senior Sales Representative - Oil and Gas
Expertise: Corrosion Engineering|Petroleum Engineering|Sales
Location: Harvey, LA
search for more jobs

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours