Energy Initiative report released
20 June 2011
The Minister for Energy and Resources, the Hon. Martin Ferguson AM MP, has today released a report by Geoscience Australia on Australia's energy potential which he said will provide fresh impetus for energy and mineral exploration activity across Australia.
The report, titled Toward Future Energy Discovery, details the results of work carried out over the past five years under the Australian Government's $134 million Energy Security Initiative.
Mr Ferguson released the report today at a meeting of the Committee for Economic Development of Australia.
He said the pre-competitive geological data collected offshore and onshore under the initiative were stimulating investment in exploration for energy and mineral resources.
"Industry has committed already to expenditure of more than $600 million in the first three-year term of exploration permits in the offshore Bremer, Bight and Canning Basins," Mr Ferguson said.
"It is estimated also that, as a result of the onshore program, there is additional exploration expenditure in excess of $300 million and large tenement packages have been taken up to explore for energy resources in previously under-explored parts of southern and northern Australia," the Minister said.
"Regional studies by Geoscience Australia also led to the discovery of a new basin in north Queensland which has potential for petroleum, geothermal and other resources," Mr Ferguson said.
"The offshore and onshore survey data and interpretations by Geoscience Australia provide high quality pre-competitive data on Australia's energy and mineral resources which will enable industry to continue to provide significant value to the nation's economy," Mr Ferguson said.
Further details are available in the Toward Future Energy Discovery report.
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