Four Offshore Petroleum Permits Awarded in Western Australian Waters

Mining Weekly reported that four offshore petroleum permits for a total of AU$297 million n new investment have been granted in waters off Western Australia. The permits are part of the second round of the 2014 offshore petroleum exploration acreage release.
As quoted in the market news:

Federal Resources and Energy Minister Josh Frydenberg announced this week that three of these new permits were located on the northwest shelf, while the fourth would extend the search to uncover a new petroleum province in the Great Australian Bight.
The licences were awarded to a joint venture between major Santos and JX Nippon Oil and Gas Exploration, Hess Australia and Finder No 10.
“The long-term growth of the oil and gas industry depends on exploration as an essential step in the discovery and development of natural resources. Australia’s oil and gas industry directly employs 24 000 people and tens of thousands indirectly. New exploration will continue to strengthen Australia’s highly skilled workforce,” Frydenberg said.
The 2014 offshore petroleum exploration acreage release has resulted in the award of ten new exploration permits, with possible investment of A$473.6-million over the six-year life of the permits.

Click here to read the full Mining Weekly report.