Geological overview of the 2011 offshore acreage release for petroleum exploration

2011 ◽  
Vol 51 (1) ◽  
pp. 7
Author(s):  
Thomas Bernecker
Keyword(s):  
Data Acquisition ◽  
Energy Security ◽  
Oil And Gas ◽  
Data Availability ◽  
Petroleum Exploration ◽  
Data Sets ◽  
Australian Government ◽  
Release Date ◽  
Work Program ◽  
Year 2000

The Australian Government formally releases new offshore exploration areas at the annual APPEA conference. In 2011, 29 areas in eight offshore basins are being released for work program bidding. Closing dates for bid submissions are either six or 12 months after the release date (i.e. 13 October 2011 and 12 April 2012)–this depends on the exploration status in these areas and on data availability. The 2011 Release is the largest since the year 2000 with all 29 areas located in Commonwealth waters offshore NT, WA, Victoria and Tasmania, covering about 200,000 km2. The producing hydrocarbon provinces of the Carnarvon, Otway and Gippsland basins are represented by gazettal blocks that are located close to existing infrastructure and are supported by extensive open file data-sets. Other areas that are close to known oil and gas discoveries lie in the Caswell Sub-basin (eastern Browse Basin) and on the Ashmore Platform (northwestern Bonaparte Basin). A particular aspect of the 2011 release is provided by 13 areas in under-explored regions offshore NT and WA–all of which range from 100–280 graticular blocks in size. These areas, located in the Money Shoal, outer Browse, Roebuck, northeastern Carnarvon, Southern Carnarvon and North Perth basins, offer new opportunities for data-acquisition and regional exploration. The release of three large areas in the Southern Carnarvon and North Perth basins is supported by new data acquired and interpreted by Geoscience Australia as part of the Offshore Energy Security Program, which selected results are being presented at this year’s conference.

Review of the 2009 offshore petroleum exploration release areas

2009 ◽  
Vol 49 (1) ◽  
pp. 465
Author(s):  
Thomas Bernecker
Keyword(s):  
Deep Water ◽  
South Australia ◽  
Northern Territory ◽  
Data Availability ◽  
Petroleum Exploration ◽  
Release Date ◽  
North West ◽  
The North ◽  
Release Area ◽  
Block Sizes

The Australian Government formally releases new offshore exploration areas at the annual APPEA conference. This year, 31 areas plus two special areas in five offshore basins are being released for work program bidding. Closing dates for bid submissions are either six or twelve months after the release date (i.e. 3 December 2009 and 29 April 2010), depending on the exploration status in these areas is and on data availability. The 2009 release areas are located in Commonwealth waters offshore Northern Territory, Western Australia, South Australia and Victoria, comprising intensively explored areas close to existing production as well as new frontiers. As usual, the North West Shelf features very prominently and is complimented by new areas along the southern margin, including frontier exploration areas in the Ceduna Sub-basin (Bight Basin) and the Otway Basin. The Bonaparte Basin is represented by one release area in the Malita Graben, while five areas are available in the Southern Browse Basin in an under-explored area of the basin. A total of 14 areas are being released in the Carnarvon Basin, with eight areas located in the Dampier Sub-basin, three small blocks in the Rankin Platform and three large blocks on the Northern Exmouth Plateau (these are considered a deep water frontier). In the south, six large areas are on offer in the Ceduna Sub-basin and five areas of varying sizes are being released in the Otway Basin, including a deep water frontier offshore Victoria. The special release areas are located in the Petrel Sub-basin, Bonaparte Basin offshore Northern Territory, and encompass the Turtle/Barnett oil discoveries. The 2009 offshore acreage release offers a wide variety of block sizes in shallow as well as deep water environments. Area selection has been undertaken in consultation with industry, the states and Territory. This year’s acreage release caters for the whole gamut of exploration companies given that many areas are close to existing infrastructure while others are located in frontier offshore regions. As part of Geoscience Australia’s Offshore Energy Security Program, new data has been acquired in offshore frontier regions and have yielded encouraging insights into the hydrocarbon prospectivity of the Ceduna-Sub-basin.

2009 Release of offshore petroleum exploration acreage

2009 ◽  
Vol 49 (1) ◽  
pp. 463
Author(s):  
John Hartwell
Keyword(s):  
Advisory Committee ◽  
Carbon Capture ◽  
Oil And Gas ◽  
Petroleum Industry ◽  
Carbon Capture And Storage ◽  
Oil And Gas Industry ◽  
Petroleum Exploration ◽  
Asia Pacific ◽  
Australian Government ◽  
Wide Range

John Hartwell is Head of the Resources Division in the Department of Resources, Energy and Tourism, Canberra Australia. The Resources Division provides advice to the Australian Government on policy issues, legislative changes and administrative matters related to the petroleum industry, upstream and downstream and the coal and minerals industries. In addition to his divisional responsibilities, he is the Australian Commissioner for the Australia/East Timor Joint Petroleum Development Area and Chairman of the National Oil and Gas Safety Advisory Committee. He also chairs two of the taskforces, Clean Fossil Energy and Aluminium, under the Asia Pacific Partnership for Clean Development and Climate (AP6). He serves on two industry and government leadership groups delivering reports to the Australian Government, strategies for the oil and gas industry and framework for the uranium industry. More recently he led a team charged with responsibility for taking forward the Australian Government’s proposal to establish a global carbon capture and storage institute. He is involved in the implementation of a range of resource related initiatives under the Government’s Industry Action Agenda process, including mining and technology services, minerals exploration and light metals. Previously he served as Deputy Chairman of the Snowy Mountains Council and the Commonwealth representative to the Natural Gas Pipelines Advisory Committee. He has occupied a wide range of positions in the Australian Government dealing with trade, commodity, and energy and resource issues. He has worked in Treasury, the Department of Trade, Department of Foreign Affairs and Trade and the Department of Primary Industries and Energy before the Department of Industry, Science and Resources. From 1992–96 he was a Minister Counsellor in the Australian Embassy, Washington, with responsibility for agriculture and resource issues and also served in the Australian High Commission, London (1981–84) as the Counsellor/senior trade relations officer. He holds a MComm in economics, and Honours in economics from the University of New South Wales, Australia. Prior to joining the Australian Government, worked as a bank economist. He was awarded a public service medal in 2005 for his work on resources issues for the Australian Government.

The 2010 Australian offshore release for petroleum exploration

2010 ◽  
Vol 50 (1) ◽  
pp. 5
Author(s):  
Tom Bernecker
Keyword(s):  
South Australia ◽  
Northern Territory ◽  
Data Availability ◽  
Petroleum Exploration ◽  
Release Date ◽  
North West ◽  
The North ◽  
New Frontier ◽  
Release Area ◽  
Block Sizes

The Australian Government formally releases new offshore exploration areas at the annual APPEA conference. In 2010, thirty-one areas in five offshore basins are being released for work program bidding. Closing dates for bid submissions are either six or twelve months after the release date—i.e. 11 November 2010 and 12 May 2011—depending on the exploration status in these areas and on data availability. The 2010 release areas are located in Commonwealth waters offshore Northern Territory, Western Australia and South Australia, comprising intensively explored areas close to existing production as well as new frontiers. The Westralian Superbasin along the North West Shelf continues to feature prominently, and is complimented by a new frontier area in offshore SW Australia (Mentelle Basin), as well as two areas in the Ceduna/Duntroon sub-basins in the eastern part of the Bight Basin. The Bonaparte Basin is represented by three areas in the Petrel Sub-basin and two areas in the Vulcan Sub-basin. Further southwest, four large areas are being released in the outer Roebuck Basin—a significantly under-explored region. This year, the Carnarvon Basin provides 16 release areas of which three are located in the Beagle Sub-basin, five in the Dampier Sub-basin, five in the Barrow Sub-basin, three on the Exmouth Plateau and three in the Exmouth Sub-basin. The largest singular release area covers much of the Mentelle Basin in offshore SW Australia, and two areas are available in the Ceduna and Duntroon sub-basins as part of South Australia’s easternmost section of the Bight Basin. The 2010 Offshore Acreage Release offers a wide variety of block sizes in shallow as well as deep water environments. Area selection has been undertaken in consultation with industry, the States and the Northern Territory. As part of Geoscience Australia’s Offshore Energy Security Program, new data has been acquired in offshore frontier regions parts of which are being published on the Mentelle Basin (Borissova et al, this volume).

The hydrocarbon potential of the 2016 proposed Offshore Acreage Release Areas for petroleum exploration

2016 ◽  
Vol 56 (1) ◽  
pp. 451
Author(s):  
Thomas Bernecker ◽  
Aaron Heugh ◽  
Karen Higgins ◽  
Ryan Owens
Keyword(s):  
Oil And Gas ◽  
Regional Scale ◽  
Gas Production ◽  
Petroleum Exploration ◽  
Australian Government ◽  
Oil And Gas Production ◽  
Strong Focus ◽  
New Findings ◽  
Geological Information ◽  
Geochemical Studies

The Australian Government usually releases new offshore exploration acreage once a year. The proposed 2016 Release Areas are located across various offshore hydrocarbon provinces and include mature basins with ongoing oil and gas production as well as exploration frontiers. In support of the annual acreage release, Geoscience Australia provides a variety of geological information with an emphasis on basin evolution, stratigraphic frameworks, and overviews of hydrocarbon prospectivity. Geoscience Australia’s petroleum geological studies are aimed at the evolution of hydrocarbon-bearing basins at a regional scale, and include a review of source rock occurrences, their distribution and geochemical characters. Following the recent oil discovery in the Roebuck Basin, a strong focus of Geoscience Australia’s work is being placed on the Triassic period, and any new findings will directly underpin the release of new exploration acreage. Recent updates to stratigraphic frameworks and new results from geochemical studies are regularly published, and are used by Geoscience Australia for prospectivity assessments. Furthermore, the Australian Government continues to assist offshore exploration activities by providing ready access to a wealth of geological and geophysical data.

THE COOPER BASIN NATIVE TITLE AGREEMENTS—AN EXPLORER’S PERSPECTIVE

2002 ◽  
Vol 42 (1) ◽  
pp. 711
Author(s):  
N.W. Martin
Keyword(s):  
Oil And Gas ◽  
Petroleum Exploration ◽  
Australian Government ◽  
The South ◽  
New Era ◽  
Native Title ◽  
Oil And Gas Exploration ◽  
Cooper Basin

On 22 October 2001 in Adelaide, the successful bidders for the 1998 First Round Cooper Basin Acreage Release, the South Australian Government, and various native title claimant groups completed the signing of historic and long awaited native title agreements. A few days later, the Petroleum Exploration Licences (PEL) were issued in respect of the blocks covered by those agreements, and so commenced a new era of oil and gas exploration in South Australia.This paper examines the process that led to the finalisation of negotiations and the signing of the agreements, from the perspective of one of the exploration companies that participated in the negotiations.

Petroleum geological summary of the 2012 offshore acreage release for petroleum exploration

2012 ◽  
Vol 52 (1) ◽  
pp. 7 ◽  
Author(s):  
Thomas Bernecker
Keyword(s):  
South Australia ◽  
Data Availability ◽  
Petroleum Exploration ◽  
Free Access ◽  
Australian Government ◽  
Large Area ◽  
Offshore Area ◽  
North West ◽  
The North ◽  
Gippsland Basin

The Australian Government formally releases new offshore exploration areas at the annual APPEA conference. In 2012, 27 areas in nine offshore basins are being released for work program bidding. Closing dates for bid submissions are either six or twelve months after the release date, i.e. 8 November 2012 or 9 May 2013, depending on the exploration status in these areas and on data availability. As was the case in 2011, this year’s Release again covers a total offshore area of about 200,000 km2. The Release Areas are located in Commonwealth waters offshore Northern Territory, Western Australia, South Australia, Victoria and Tasmania (Fig. 1). Areas on the North West Shelf feature prominently again and include under-explored shallow water areas in the Arafura and Money Shoal basins and rank frontier deep water areas in the outer Browse and Roebuck basins as well as on the outer Exmouth Plateau. Following the recent uptake of exploration permits in the Bight Basin (Ceduna and Duntroon sub-basins), Australia’s southern margin is well represented in the 2012 Acreage Release. Three new areas in the Ceduna Sub-basin, four areas in the Otway Basin, one large area in the Sorell Basin and two areas in the eastern Gippsland Basin are on offer. Multiple industry nominations for this Acreage Release were received, confirming the healthy status of exploration activity in Australia. The Australian government continues to support these activities by providing free access to a wealth of geological and geophysical data.

The hydrocarbon potential of the 2015 Offshore Acreage Release Areas for petroleum exploration

2015 ◽  
Vol 55 (1) ◽  
pp. 71
Author(s):  
Thomas Bernecker ◽  
Tehani Kuske ◽  
Bridgette Lewis ◽  
Tegan Smith
Keyword(s):  
Oil And Gas ◽  
Gas Production ◽  
Petroleum Exploration ◽  
Hydrocarbon Potential ◽  
Large Area ◽  
Oil And Gas Production ◽  
North West ◽  
Work Program ◽  
Northern Carnarvon Basin ◽  
Gippsland Basin

The Australian Government formally releases new offshore exploration areas at the annual APPEA conference. These areas are located across various offshore hydrocarbon provinces ranging from mature basins with ongoing oil and gas production to exploration frontiers. A total of 23 areas are released for work-program bidding and six areas for cash bidding (Fig. 1). The two work-program bidding rounds will remain open until 29 October 2015 and 21 April 2016, respectively, while cash bid submissions will close on 4 February 2016. The 2015 Release Areas are located in 13 distinct geological provinces across eight basins and all were supported by industry nominations. Six areas are located in the Bonaparte Basin, two of which are cash bid areas over the Turtle/Barnett oil accumulations. In the Browse Basin, three areas in the Caswell Sub-basin and one area on the Yampi Shelf are released. In support of recent exploration activities and success, one large area has been gazetted in the central Roebuck Basin. The Northern Carnarvon Basin offering comprises 11 areas on the Exmouth Plateau and in the Dampier Sub-basin, including four for cash bidding. This year, the usual predominance of North West Shelf Release Areas is counterbalanced by seven large areas in the Bight, Otway, Sorell and Gippsland basins. This includes one area in the Ceduna Sub-basin, three areas in the deepwater Otway Basin, one area in the northern Sorell Basin and two areas in the southeastern Gippsland Basin. The nominations received for these areas highlights the industry’s interest in evaluating the hydrocarbon potential of Australia’s underexplored southern margin. Geoscience Australia continues to support industry activities by acquiring, interpreting and integrating pre-competitive datasets that are made freely available as part of the agency’s regional petroleum geological studies.

A petroleum geological overview of the 2013 offshore acreage release for petroleum exploration

2013 ◽  
Vol 53 (1) ◽  
pp. 69 ◽  
Author(s):  
Thomas Bernecker
Keyword(s):  
Geophysical Data ◽  
Petroleum Exploration ◽  
Free Access ◽  
Australian Government ◽  
Open File ◽  
Work Program ◽  
The North ◽  
Data Coverage

The Australian Government formally releases new offshore exploration areas at the annual APPEA conference. The previous two releases were characterised by several large, gazetted areas in underexplored regions, a trend that is maintained this year with several frontier areas comprising more than 100 graticular blocks on offer. The recent uptake of new exploration permits in the Bight Basin, the offshore North Perth Basin, and the Roebuck Basin indicates a continuing strong industry interest in offshore frontier exploration. A total of 31 areas in 13 geological provinces are formally released in 2013, and work program bids are invited for two rounds closing on 21 November 2013, and 22 May 2014. Area gazettal was, again, well supported by industry nominations. The areas on offer are represented by an even mix of shallow and deepwater areas, as well as by areas close and distant to previous discoveries and producing fields. The Northern Carnarvon, Browse, and Bonaparte basins dominate new exploration opportunities in the 2013 release, while only four areas were gazetted in the North Perth, Otway, and Gippsland basins. These also deserve attention as they have exploration potential in underexplored parts of the basins and offer opportunities to test new play concepts. Data coverage varies from being excellent in more mature areas to sparse in underexplored areas such as the North Perth Basin. The Australian Government continues to assist offshore exploration activities by providing free access to a wealth of open-file geological and geophysical data.

Petroleum geological activities in West Greenland in 1998

1999 ◽  
pp. 46-56
Author(s):  
Flemming G. Christiansen ◽  
Anders Boesen ◽  
Jørgen A. Bojesen-Koefoed ◽  
James A. Chalmers ◽  
Finn Dalhoff ◽  
...  
Keyword(s):  
Seismic Data ◽  
Working Group ◽  
Petroleum Exploration ◽  
Geological Survey ◽  
Original Series ◽  
West Greenland ◽  
Phillips Petroleum ◽  
Petroleum Resources ◽  
The Government ◽  
Year 2000

NOTE: This article was published in a former series of GEUS Bulletin. Please use the original series name when citing this article, for example: Christiansen, F. G., Boesen, A., Bojesen-Koefoed, J. A., Chalmers, J. A., Dalhoff, F., Dam, G., Ferré Hjortkjær, B., Kristensen, L., Melchior Larsen, L., Marcussen, C., Mathiesen, A., Nøhr-Hansen, H., Pedersen, A. K., Pedersen, G. K., Pulvertaft, T. C. R., Skaarup, N., & Sønderholm, M. (1999). Petroleum geological activities in West Greenland in 1998. Geology of Greenland Survey Bulletin, 183, 46-56. https://doi.org/10.34194/ggub.v183.5204 _______________ In the last few years there has been renewed interest for petroleum exploration in West Greenland and licences have been granted to two groups of companies: the Fylla licence operated by Statoil was awarded late in 1996; the Sisimiut-West licence operated by Phillips Petroleum was awarded in the summer of 1998 (Fig. 1). The first offshore well for more than 20 years will be drilled in the year 2000 on one of the very spectacular structures within the Fylla area. To stimulate further petroleum exploration around Greenland – and in particular in West Greenland – a new licensing policy has been adopted. In July 1998, the administration of mineral and petroleum resources was transferred from the Danish Ministry of Environment and Energy to the Bureau of Minerals and Petroleum under the Government of Greenland in Nuuk. Shortly after this, the Greenlandic and Danish governments decided to develop a new exploration strategy. A working group consisting of members from the authorities (including the Geological Survey of Denmark and Greenland – GEUS) made recommendations on the best ways to stimulate exploration in the various regions on- and offshore Greenland. The strategy work included discussions with seismic companies because it was considered important that industry acquires additional seismic data in the seasons 1999 and 2000.

On the Pricing of Mandatory DCF Disclosures: Evidence from Oil and Gas Royalty Trusts

2015 ◽  
Vol 90 (6) ◽  
pp. 2449-2482 ◽  
Author(s):  
Panos N. Patatoukas ◽  
Richard G. Sloan ◽  
Jenny Zha
Keyword(s):  
Cash Flow ◽  
Stock Price ◽  
Oil And Gas ◽  
Cost Accounting ◽  
Data Availability ◽  
Discounted Cash Flow ◽  
Historical Cost ◽  
Security Valuation ◽  
Accounting Expertise ◽  
Historical Cost Accounting

ABSTRACT We identify a setting in which firms are required to disclose discounted cash flow (DCF) estimates relating to the value of their primary assets. ASC 932 (formerly SFAS No. 69) has mandated DCF disclosures for proved oil and gas reserves since 1982, and these reserves constitute the primary assets of oil and gas royalty trusts. For a hand-collected sample of oil and gas royalty trusts, we find that (1) the mandatory DCF disclosures are incrementally value-relevant over historical cost accounting variables, (2) investors misprice royalty trust units because they underweight the disclosed DCF estimates when forecasting future distributions, and (3) media articles bringing attention to discrepancies between price and the disclosed DCF estimates are significant stock price catalysts. While our evidence indicates that mandatory DCF disclosures can be incrementally useful for security valuation, it also indicates that investors may overlook such information, potentially due to lack of attention and accounting expertise. Data Availability: Data are publicly available from sources indicated in the text.

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