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2009 Offshore Petroleum Acreage

Release

Outline of Presentation

Deepwater drilling

successes in

Australia

Why Australia is an

attractive

investment

destination.

Process of awarding exploration permits.

Summarise the

2009 Acreage

Release.

attractive investment destination. • Process of awarding exploration permits. • Summarise the 2009 Acreage Release.

Fellow presenters

Fellow presenters Tom Bernecker Geoscience Australia Review of the 2009 offshore petroleum exploration release areas

Tom Bernecker Geoscience Australia

Review of the 2009 offshore petroleum exploration release areas

Jennifer Totterdell Geoscience Australia

Bight Basin Acreage Release - New Exploration

Opportunities In A Deep Water Frontier

Ian Scrimgeour

Acting Executive Director of Regional Development, Primary Industry, Fisheries and

Resources - Northern Territory

Onshore Releases across Australian States and Territories

Deep water drilling success…

Deepwater wells (over 500 metres) success rates 9 8 7 6 5 4 3 2
Deepwater wells (over 500 metres) success rates
9
8
7
6
5
4
3
2
1
0
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Year
success
dry
Number of occurrences

Australia is a world class investment

destination…

Australia is very well regarded.

Regarded stable, possesses good fiscal terms, and has unexplored acreage with much potential.

14th out of 81 jurisdictions for having the lowest barriers to investment.

has unexplored acreage with much potential. • 14th out of 81 jurisdictions for having the lowest

Government activity

Review of exploration incentives in Energy White Paper and Henry Tax Review

Productivity Commission's

Review

Designated Frontier Areas

incentive extension

Paper and Henry Tax Review • Productivity Commission's Review • Designated Frontier Areas incentive extension

2009 Acreage Release Areas

31 areas released across

5 basins:

Bonaparte, NT.

Browse, WA.

Carnarvon, WA.

Bight, SA.

Otway, Vic.

6 Designated Frontier

Areas:

3 in Carnarvon Basin.

3 in Bight Basin.

, WA.  Bight , SA.  Otway, Vic. 6 Designated Frontier Areas :  3

Special Release

The Australian

Government is

Selection of Release Areas

Nominations sought each year

Assessment and short listing process

Extensive stakeholder consultations

Proposed areas announced in December through the Australian Petroleum News

2009 Release Package available now

• Proposed areas announced in December through the Australian Petroleum News • 2009 Release Package available
• Proposed areas announced in December through the Australian Petroleum News • 2009 Release Package available

Exploration Permits

Exploration Permits • Work Program Bidding system • Application must contain technical assessment, exploration

Work Program Bidding system

Application must contain technical

assessment, exploration program over 6 years and technical and financial capacity

Assessments based on published

assessment criteria, capacity to undertake proposed work and program most likely to advance exploration status

Conditions specify that work must be completed in year specified and that there is limited flexibility in first 3 years

Cancellation and permit surrender

2009 Acreage Release Package

2009 Acreage Release Package • Comprehensive information package available • Closing dates are 3 December 2009

Comprehensive information package available

Closing dates are 3 December 2009 and 29 April 2010 for the first and second rounds of bidding respectively.

The areas contained within the Special Release close concurrently with the first round of the Principal Release.

Both CD-Rom packages now available

from Australian Government stand. Also

available on web: