Australia releases offshore acreage for bidding

DARWIN, AUSTRALIA: Australia’s Minister for Resources and Energy Martin Ferguson AM MP has announced the release of 31 new offshore petroleum exploration areas and two special areas in Commonwealth waters.

Speaking at the Australian Petroleum Production & Exploration Association’s New Frontiers conference in Darwin, Minister Ferguson said there is nothing more important to the industry and Australia’s future wealth than keeping the exploration sector strong and building project development opportunities. Ferguson said, “We must not forget that the long-term outlook for oil and gas is one of enormous demand growth. Investment in exploration and production must continue through the present economic downturn.”

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