Annual Offshore Petroleum Exploration Acreage Release Vital For Australia’s Energy Security

Written by:
25 August 2022
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“It is absolutely critical, in a time of energy shortages and global instability, that Australia secures its domestic oil and gas supplies. This is why Resources Minister Madeleine King’s exploration announcement is very welcome”, said Daniel Wild, Deputy Executive Director of the Institute of Public Affairs.

Yesterday’s announcement from the Federal Government that the 2022 Offshore Petroleum Exploration Acreage Release will allow the oil and gas industry to explore new offshore oil and gas sites, covering 46,758 square kilometres of Commonwealth waters, is welcomed.

“Australian policy-makers must remove barriers to investment in our critical resources sector, which is a lynch-pin of our prosperity and national security,” Mr Wild said.

“The Minister for Resources has demonstrated important leadership and long-term vision to ensure Australia’s energy security.”

The announcement follows recent IPA research detailing the economic cost of demands made to the Federal Minister for the Environment by green activist groups, that approvals already granted to 19 critical resources projects around Australia be cancelled, that will, at a minimum:

  • Impose an economic cost of $101 billion.
  • Risk cancelling 175,000 jobs.
  • Impose the greatest cost on Queensland, with 14 of the 19 projects located in regional Queensland.

“It is incumbent upon the federal government to back this vision and desist from blocking vital energy projects that will deliver affordable and reliable energy for all Australians,” Mr Wild said.

“This announcement will help provide much needed long-term certainty for investment in our resources sector, and further policy leadership, such as cutting red tape and stopping environmental legal activism, should be immediately pursued.”

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