Federal Minister for Resources Alan Griffiths and Western Australia's Minister for Mines Gordon Hill today announced that applications are being invited for the award of nine offshore petroleum exploration permits in the Carnarvon and Perth Basins.
Although the areas have been the subject of exploration in the past, additional work is required to fully assess their petroleum potential.
Applications for areas W92-5 to W92-13 can be lodged with the Western Australian Department of Minerals and Energy until 4 pm on Friday, April 16, 1993.
The areas are being released under section 20 of the Commonwealth Petroleum (Submerged Lands) Act 1967, and will be subject to the modified work program bidding system.
Under the modified work program bidding system, applicants are required to nominate a guaranteed minimum 'dry hole' exploration program for each of the first three years of the permit term and a 'secondary' program for the remaining three years of the permit term.
Each component of the guaranteed 'dry hole' program must be completed in the designated year or earlier.
The successful bidders will be chosen on the basis of the guaranteed minimum 'dry hole' exploration work program, taking into account the financial and technical resources available to the applicant.
Where a clear distinction between bidders cannot be drawn on this basis, additional discretionary criteria will be used to select the successful bidder.
Exploration permits over the areas will be awarded for initial terms of six years.
Petroleum exploration and development activity undertaken in the areas being released will benefit from the application of the profit-related resource rent tax. Royalty and crude oil excise will not apply to any future production from the areas.
Further information about the areas on offer, available technical information and details of the bidding systems is available from the Assistant Secretary, Exploration and Development Branch, Petroleum Division, Department of Primary Industries and Energy, GPO Box 858 Canberra, ACT 2601, or the Director, Petroleum Division, Department of Minerals and Energy, 100 Plain street, Perth WA 6000.