Coastal water boundary changes a major boost for WA
PERTH (miningweekly.com) – Changes to the commonwealth offshore coastal waters boundaries could deliver an additional A$2.9-billion in state royalties from the Torosa field alone, Western Australian Mines and Petroleum Minister Bill Marmion said this week.
The state government this week approved legislation that would lift the state’s potential share of the Browse basin gas field, following in the wake of a May decision by the commonwealth government to change coastal water boundaries.
The boundary changes were prompted by Geoscience Australia classifying a number of new outcrops on the Seringapatam and North and South Scott reefs as islands, making them part of the Western Australian territory.
Marmion this week said that the Department of Mines and Petroleum had worked to expedite these changes, which involved extensive consultation across industry and government.
“Department officers also worked with Australian government agencies on the changes, which not only extend Western Australian territorial waters but promise increased petroleum royalties for the state when the gas fields are developed.”
Marmion noted that while the boundary changes would deliver some A$2.9-billion additional revenue from the Torosa field, it was too early to speculate on the royalty potential of the Kronos and Poseidon fields; but it could be significant.
The Torosa field was the biggest of three fields making up ASX-listed Woodside Petroleum’s Browse project, which has a resource of some 15.9-trillion cubic feet of gas and some 436-million barrels of condensate.
Woodside in August last year officially backed the floating liquefied natural gas technology as its preferred development method for the Browse project, after abandoning a A$45-billion onshore development at James Price Point, much to the dismay of the state government.
The Torosa retention leases are due for renewal on December 24.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...
VISIT SHOWROOM
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
