The Australian Government has released the largest offshore petroleum exploration acreage in more than a decade, comprising 29 areas across nine basins off the Northern Territory, Western Australia, Victoria and Tasmania and the Territory of Ashmore and Cartier Islands.


Announcing the release at the Australian Petroleum Production and Exploration Association's annual conference in Perth, Resources and Energy Minister Martin Ferguson said that stakeholder nominations had underpinned every area in the 2011 release, with most receiving multiple nominations.

 


Mr Ferguson said that with Australia’s trade deficit in crude oil, LPG and refined products expected to top A$30 billion by 2015, finding new reserves was a priority.

 


APPEA Chief Executive Belinda Robinson welcomed the announcement, saying that  only the discovery of a major new oil province could address Australia’s worsening petroleum products trade deficit.

 


Australia’s oil production peaked 10 years ago. From meeting nearly 100 per cent of Australia’s needs in 1999/2000, it has fallen to just 66 per cent in 2009/2010. Without major new discoveries, it is anticipated Australian oil production will meet just 42 per cent of our demand by 2016/2017.