Passage of the Geothermal Energy Resources Bill would establish the legislative framework needed for industry investment in large-scale geothermal exploration and development, said minerals and petroleum minister Theo Theophanous who introduced the bill into parliament yesterday.
Rapidly developing technology, new exploration techniques, rising energy prices and government and community support for clean energy meant interest in geothermal energy was increasing across Victoria and worldwide, Theophanous said.
Lakes Oil chairman Rob Annells welcomed the Bill, and said once it had been passed by both houses of parliament lakes’ subsidiary Geothermal Energy Victoria Pty Ltd would begin evaluating several prospects.
“Victoria has a lot of potential for geothermal energy production,” Annells told EnergyReview.Net.
“There are a lot of extinct volcanoes in the state and there has been a lot of exploration activity in South Australia near the Victorian border. Lakes has identified several areas for immediate evaluation.”
Lakes Oil already holds the petroleum rights over almost all the entire onshore Gippsland Basin and a large portion of the onshore Otway Basin, Annells said.
“Legislation would give Lakes the opportunity to acquire geothermal assets which may contiguous with some of these existing leases,” he said.
Meanwhile across the South Australian border, geothermal explorer Petratherm said it had found an outstanding prospect for hot rock exploration.
Evaluation of ground gravity and artesian bore surveys, interpretation of government seismic profiles and thermal modelling undertaken by the University of Adelaide indicate that an area east of Mt Painter in the Flinders Ranges is an excellent exploration target for hot rocks, Petratherm said.
“Drill sites have been selected and Aboriginal heritage clearances successfully completed [and] the drilling contractor has advised that the rig should be on site after the Christmas break,” the company said.
Petratherm is also awaiting the outcome of an application for a $3 million R&D start grant from Canberra. The result of the application is expected to be formally advised before the end of the year.
