Australia’s Albanese Government has opened five new areas for bidding in the Otway Basin for offshore gas exploration to lower power prices, in order to ensure that the domestic industry has access to gas at affordable prices, the country’s Department of Industry, Science and Resources said.
The release of new areas follows a review of the process for making new offshore acreage available for exploration and extensive consultation with the industry and stakeholders, Minister for Resources and Minister for Northern Australia Madeleine King said on the department’s website.
The development also follows an announcement by the Victorian Government on Dec. 10 to release petroleum exploration permits in the Otway and Gippsland basins.
“Exploration and new discoveries will play an important role in underpinning our energy needs and support Australian industry and households as we meet our net zero commitments,” King said.
“The release of new acreage supports our Future Gas Strategy and will help ensure Australians continue to have access to gas at affordable prices,” she added.
The Future Gas Strategy maps the Australian Government’s plan for how gas will support the country’s transition to net zero.
King said the new release areas, located in Commonwealth waters, have been designed to protect neighboring marine parks, with buffer zones established to safeguard marine park boundaries.
All projects will be required to meet strict environmental and emissions standards per usual processes, she said.
