Australia Announces 12 New Offshore Permits

Australia has awarded 12 offshore exploration licences off Western Australia, Tasmania and the Territory of Ashmore and Cartier Islands. Following a bidding round in which a record 52 bids were received for 20 of the 22 blocks on offer, the successful bidders will now spend more than US$1bn on exploration over the next six years. This highlights the strong level of commercial interest in Australian natural gas plays, particularly as gas demand in the Asia Pacific region continues on its steep upward growth curve.

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