Three exploration permits (WA-321P, WA-322 and WA-323) were awarded to a consortium comprising of Octanex NL and Strata Resources NL. The other permit (WA-320P) was awarded to OMV Timor Sea and OMV Petroleum.
The Minister said the winning companies will spend around $62 million on petroleum exploration over the next six years and said any future discoveries will help the country maintain its current self-sufficiency as well as contribute significantly to the national balance of payments.
The Department of Industry, Tourism and Resources Organisation is set to undergo some major restructuring in order to "better reflect a new strategic focus to industry policy," said secretary of Industry, Tourism and Resources, Mr Mark Paterson, who took up the position after five years as chief executive officer of the Australian Chamber of Commerce and Industry.
"Innovation, investment and international competitiveness are our priorities in the medium term," Mr Paterson added.
Mr John Ryan will be the deputy secretary for Energy and Environment, Petroleum and International Energy as well as the Coal and Minerals Industries. Dr Neil Williams will continue to lead Geoscience Australia and Dr Ian Heath will continue to head IP Australia.
