Australia to open up seabed for oil explorationUpdated 28...

Australia to open up seabed for oil exploration
Updated 28 minutes ago


Mr Ferguson says the release could be a step towards achieving energy security for Australia. (ABC News: file photo)

Federal Resources Minister Martin Ferguson has announced 31 new offshore petroleum exploration areas.

The announcement was made at the Australian Petroleum Production and Exploration Association's conference in Brisbane today.

The areas range over five basins, with 26 exploration areas in Western Australia, two in the Ashmore and Cartier islands, two in South Australia and one in the Northern Territory.

Exploration companies will have two chances to bid for the right to explore the areas, with contracts to be awarded in November this year and May next year.

Mr Ferguson says the areas vary in size and likelihood of yielding a major discovery.

He says the release could be a step towards achieving energy security for Australia.

Environmentalists concerned

Environmentalists have raised concerns about the plan.

Michelle Grady from the Pew Environment Group says it is the first time exploration has been approved in areas also being considered as marine sanctuaries.

She says the locations include areas off Kangaroo Island in South Australia and off the north-west coast of WA.

"Pretty much all the areas announced today are right over the top of areas that the Federal Environment Minister Peter Garrett is looking at for protection and that's because these areas are critically important for marine life," she said.

http://www.abc.net.au/news/stories/2010/05/17/2901767.htm?site=news

What about the government assisting companies exploring onshore for oil. We aren't the only company in the NT/ and or onshore exploring for oil.

Offshore is very costly and look at what happened in the Gulf of Mexico.