McGowan Govt To Introduce Strategic 5-Year Release Of Petroleum Exploration

McGowan Govt To Introduce Strategic 5-Year Release Of Petroleum Exploration

Western Australia Minister for Mines and Petroleum Bill Johnston

5-Year Release For Petroleum Exploration Acreage Introduced

Victor P Taffa

  • Strategic approach provides greater transparency and fairer process
  • Acreage release schedule will be updated at least once a year

McGowan Government will introduce a strategic 5-year release of petroleum exploration areas across the Canning and Perth Basins, which minimises environmental, cultural and land use constraints.

“5-year approach provides greater transparency to the oil and gas industry, particularly targeting gas to improve energy security in the long term.” Minister for Mines and Petroleum Bill Johnston said.

“A moratorium on fracking may limit prospectors’ interest in bidding, however the release doesn’t conflict with the Government’s policy, pending the findings of a scientific inquiry.”

New maps revealed today highlight future acreage release areas that will open for competitive bidding rounds for oil and gas prospectors from 2018 to 2021.

Maps will also advise stakeholders of areas that are not available for Special Prospecting Authority with Acreage Option applications.

Competitive bidding is encouraged and is the Department of Mines and Petroleum’s preferred mechanism for industry to acquire an exploration title for petroleum.

Acreage release schedules will be updated at least once a year and when significant amounts of new prospectivity data or acreage becomes available to warrant a review.

Industry is encouraged to nominate specific areas for acreage release, which will be considered the year it is nominated.