Further investment in the petroleum sector expected - Macfarlane
PERTH (miningweekly.com) – Federal Industry Minister Ian Macfarlane is forecasting capital investments worth A$580-million in Australia’s petroleum sector over the next three years, after the government granted exploration permits offshore of Australia.
Macfarlane announced the new permits as part of the second round of the 2012 Offshore Petroleum Exploration Acreage release on Thursday.
The flow-on benefits from these permits could see as much as A$730-million in exploration investment over the next six years.
“This record investment in offshore exploration shows that the resources sector in Australia remains strong,” the Minister said.
He noted that the opening of new oil and gas exploration areas, like the Great Australian Bight, would ensure that Australia had enough energy to meet future needs.
“This shows that Australia is an attractive destination for investment in offshore exploration and sends a clear signal that Australia is open for business,” Macfarlane said.
Some of the benefactors of these permit grants included Australian major Santos, US major Chevron, Shell, Woodside Energy and Murphy Australia Oil.
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