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Chevron pays $3m cash, gets exploration permit off Australia

Staff Writer |
Chevron has paid $3 million for a cash bid permit to secure the right to explore an area off the Western Australian coast for the next six years.

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The award was made as part of the Australian Government’s process of releasing offshore areas for future petroleum (oil and gas) exploration to maximise the return to the taxpayer from developing our resources.

Minister for Resources and Northern Australia Senator Matt Canavan said this was the first cash bid permit to be awarded since the process was re-introduced in 2014.

"The new permit is in a gas-rich part of the Northern Carnarvon Basin very close to the Gorgon Gas project and Pluto LNG, offshore of Western Australia between Onslow and Dampier,” Minister Canavan said.

"The awarding of this permit is an important milestone and shows that Australia remains an attractive petroleum exploration investment destination.

"The acreage release process, where petroleum companies are awarded offshore areas for exploration based on the quality and thoroughness of their proposed work plans, has long underpinned successful exploration in Australia."

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