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Industry Welcomes New SA Oil and Gas Acreage

Source: 6/30/2020, Location: Not categorized

Australia’s oil and gas sector welcomed today’s South Australian Government announcement of successful bids for five new petroleum exploration licenses in the Otway and Cooper Basins – two basins with a long history of supplying the state’s energy needs.

Six companies, including APPEA members Beach Energy, Cooper Energy and Vintage Energy have been allocated exploration acreage covering more than 15,000 square kilometres in SA’s north east and south east regions.

SA Resources Minister Dan van Holst Pelelkaan said the strong industry response to the acreage release highlighted the agility and resilience of Australian exploration companies.

The companies have made a combined work commitment of almost $60 million over the next five years.

APPEA Chief Executive Andrew McConville said the allocation continued SA’s decades-long tradition of developing its onshore oil and gas fields, and was doing its share to meet Australia’s growing energy needs.

“South Australia should be congratulated for continuing to see the economic benefits that flow to their communities from developing and using natural gas, especially in these challenging times,” Mr McConville said.

“It’s encouraging to see the oil and gas industry continuing to supply natural gas to domestic customers, including manufacturers to help support local jobs and economic growth.”

Beach and Cooper were awarded acreage over areas of 1,923 square kilometres in the Otway Basin in the South East, building on their existing exploration activities in the region. Vintage and three other companies were awarded acreage over a total area of 13,582 square kilometres in the Cooper Basin.

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