From Australia (RW): The Australian government has proposed a total of 30 blocks for its annual offshore exploration acreage release in 2014. Of these, only four have been proposed for cash-bidding.
The announcement has surprised the offshore industry which had been bracing itself for a larger proportion ever since the government flagged in 2012 its intention to re-introduce cash bidding in 2014 for blocks that are either mature or contain known petroleum accumulations.
Each of the four areas is small – ranging from 200km2 to 600km2. Three are in the offshore Carnarvon Basin close to producing areas and one in the Browse Basin close to the Inpex/Total Ichthys (SEN, 30/19) gas/condensate development.
The small number and size of the cash-bid blocks on offer suggests the government is not intent on revenue raising and, indeed, is serious about promoting cash bidding as a more efficient auction process in proven hydrocarbon areas.
Go east
Overall, most of the 30 new blocks are in the Carnarvon and Browse Basins - 16 and 8, respectively. Another two are in the offshore Bonaparte Basin and three more lie further east in the Arafura Sea in the vicinity of the yet-to-be-developed Caldita (29/6) and Barossa (29/10) gas fields.
One large area is in the Bight Basin extending west from the offshore South Australia/Western Australian border.
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