SA companies to unlock state’s oil and gas potential in Cooper Basin

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Image credit: flickr User: Marathon Oil Corporation

Senex Energy Limited, Bridgeport Energy Pty Ltd and Strike Energy Cooper Pty Ltd have been awarded petroleum exploration licences (PELS) in the Cooper Basin by the State Government of South Australia and are set to invest about $100 million in the development of four petroleum exploration blocks.

SA companies to unlock state’s oil and gas potential in Cooper Basin
Image credit: flickr User: Marathon Oil Corporation

The companies managed to demonstrate that they are fully competent and have the capacity needed to be compliant with all relevant legislation and regulation.

“The winning four bids total a combined investment of up $103.2 million – with a guaranteed spends of $88.9 million. This investment in South Australia translates into jobs for South Australians in our cities, towns and regional communities. In fact, employment last year in the resources sector totalled more than 15,300 people – a record high and more than double what it was ten years ago,” said Mineral Resources and Energy Minister Tom Koutsantonis in a news release.

“We also saw a record petroleum royalty return for June of $16.4 million. This is the largest monthly royalty receipt we have seen and is a reflection of the growth, investment and importance of the oil and gas sector to our State. The world’s petroleum explorers want to come to South Australia and be part of the nation’s largest onshore oil and gas province in the State’s far north, which is estimated to have 400 years’ worth of domestic supply. We welcome these explorers and the billions of dollars in investment that they can bring to our economy.”

The CO2013 blocks possibly contain conventional and unconventional gas plays while one block is on trend with the highly productive western flank oil play.

“We are extremely pleased to again demonstrate our ongoing belief in the prospectivity of the Cooper Basin in South Australia, and look forward to working with all relevant stakeholders on the award of these blocks,” said Senex Managing Director Ian Davies.

“The winning of petroleum licence CO2013-C enables Bridgeport to continue to build a significant position in this State,” said Bridgeport Energy Chief Operating Officer Chris Way.

Strike Energy has been offered block CO2013-B, which complements their existing Southern Cooper Basin portfolio.

“The block includes the western arm of the Weena Trough and is prospective for an extension of the substantial, coal hosted gas resource which we are actively evaluating in the adjacent permit, PEL 96,” Mr Wrench said.

For more details on the bids visit: www.petroleum.statedevelopment.sa.gov.au/