34 More Offshore Exploration Areas for Australia

The federal government has released 34 new offshore petroleum exploration areas to help assure Australia's long-term energy security.

Industry Minister Ian Macfarlane said today the areas were located across six basins off the Northern Territory, West Australian and Victorian coastlines.

"Increasingly, global petroleum explorers are viewing Australia as a big gas opportunity with low sovereign risk, and Australia has attracted a number of new global explorers over the past two years," Mr Macfarlane said.

The minister said the take-up rate for new exploration areas has continued to rise, from about 50% in 2002 to 90% in 2005.

Bids for 17 of the new areas will close on 18 October this year, with the remaining 17 closing on 17 April 2008.