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South Australia remains top destination for oil and gas

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first_img Facebook Twitter: @NeosKosmos Instagram South Australia’s ranking as a world-class destination for oil and gas exploration has been confirmed with bids worth $142 million, Minister for Mineral Resources and Energy Tom Koutsantonis said. Five bids, including one from an international company, submitted to access the Cooper and Otway basins, have been received for the latest petroleum acreage release. The bidding period, which closed at the beginning of April, attracted three bids for the 392 square kilometre Cooper block, and two bids for the 5,657 square kilometre Otway block. Minister Koutsantonis said this competitive bidding for these two blocks reflects South Australia’s international standing as a destination for investment in exploration. “South Australia attracted combined spending in mineral resource and petroleum exploration of more than $600 million in 2012,” Mr Koutsantonis said. “Almost half of that total was spent on petroleum exploration in this state. These latest bids show South Australia continues to attract strong interest from explorers,” he said. The Cooper Basin is Australia’s largest onshore oil and gas province, while the Otway Basin is the state’s second most prospective onshore oil and gas province. The two successful bidders will be announced after formal offers are accepted and assessed, based on the selection criteria.last_img read more