Publication Name: PESA News
Authors: Kathy Hill
Publication Issue: 39
Date Published: April 1999
Number of Pages: 1
Abstract:
The last year has been full of activity in the oil and gas industry in Victoria. Multiple bids were received on the 1997 offshore petroleum release areas, which were granted in May last year, in the strongest response to an acreage release in the last decade. At the time of writing, the response to the second phase of the 1998 acreage release was still awaited but, despite the catastrophic drop in global oil prices, significant interest is anticipated in the major Otway Basin acreage areas. Domestic gas demand in the eastern seaboard of Australia is still seen as a major driver for exploration interest, with the opportunity for greater stability in the medium term than oil, with its exposure to the global market.