"The enthusiasm the industry has shown for these petroleum exploration permits highlights the industry's confidence in Australia's prospectivity - a total of 43 bids were received for 17 areas included in the first closing round of the 2008 release," Resources and Energy Minister Martin Ferguson said.
Ferguson added that new petroleum discoveries were more important than ever with Australia's trade deficit in petroleum liquids growing to almost $15 billion last year.
While the number of bids is encouraging, it appears the global financial crisis might have had an impact on how much companies are willing spend as the amount committed under the first round is down from the $A500 million committed under by the winners of the 2007 acreage release, which saw 24 bids for all 13 permits on offer.
Some ground may yet be made up under the second round of 18 areas, which closed on April 9.
"As minister for resources and energy, I wish these companies every success in their search," Ferguson said
Woodside Petroleum and partner Mitsui E&P walked away with four permits, WA-428-P and WA-430-P in the Carnarvon Basin, Western Australia, as well as the Browse Basin's AC/P48 in the Territory of Ashmore and Cartier and WA-429-P in WA.
The two companies have also committed to the single largest guaranteed work program for all 13 permits at WA-430-P, saying they would invest about $71.5 million to reprocess 175 kilometres of 2D seismic, shoot 560 square kilometres of new 3D seismic, carry out a controlled source electro-magnetic (CSEM) survey and drill two exploration wells.
They have also agreed to reprocess 280sq.km of 3D seismic, carry out geotechnical studies and drill another exploration well under a secondary work program worth about $30.4 million.
For their other permits, Woodside and Mitsui have committed to spending $5.3 million at WA-428-P, $3 million at WA-429-P and $9.6 million at AC/P48.
Meanwhile, a newcomer, Singapore-based Silver Wave Energy, has been awarded three blocks (AC/P49, AC/P50 and AC/P51) in the Bonaparte Basin in the Territory of Ashmore and Cartier after committing to guaranteed work programs worth $6.7 million, $10.5 million and $7.4 million respectively.
Silver Wave is also the only company to have been awarded a designated frontier exploration permit (AC/P50), which is eligible for the frontier exploration tax incentive of 150% uplift for exploration expenditure.
Apache Energy has also secured two permits in the Carnarvon Basin off Western Australia: WA-426-P solo and WA-427-P in association with Kufpec Australia.
Apache is looking to invest $2.3 million and $2.7 million respectively to shoot 162sq.km of 3D seismic in each block as well as carry out geotechnical studies.
The joint venture between Hunt Oil and SK Energy also secured two blocks, namely WA-425-P and WA-431-P in the Browse Basin off Western Australia, by committing to primary work programs of $19.5 million and $700,000 respectively.
Tata Petrodyne and Bengal Energy each secured one block in the Bonaparte Basin in the Territory of Ashmore and Cartier with Tata committing $4.8 million to secure AC/P46 and Bengal looking to spend at least $11 million in AC/P47.
