Petroleum geology of the 2018 offshore acreage release areas

Abstract

A total of 21 areas were released in 2018 for offshore petroleum exploration. They are located in the Bonaparte, Browse, Northern Carnarvon, Bight, Otway and Gippsland basins. All release areas were supported by industry nominations, indicating that interest in exploring Australia’s offshore basins remains strong, despite the significant decrease in the number of exploration wells drilled in recent years. Sixteen areas are being released under the work program bidding system with two rounds, one closing on 18 October 2018 and the other on 21 March 2019. Five areas are being released for cash bidding and include the producible La Bella gas accumulation in the Otway Basin. Prequalification for participation in the cash-bid auction closes on 4 October 2018 with the auction scheduled for 7 February 2019. Geoscience Australia continues to support industry activities by acquiring, interpreting and integrating pre-competitive datasets that are made freely available as part of the agency’s regional petroleum geological studies. The regional evaluation of the petroleum systems in the Browse Basin has been completed and work continues on assessing the distribution of Early Triassic source rocks and related petroleum occurrences across the North West Shelf. A wealth of seismic and well data, submitted under the Offshore Petroleum and Greenhouse Gas Storage Act 2006, are made available through the National Offshore Petroleum Information Management System. Additional datasets are accessible through Geoscience Australia’s data repository.