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News Release Treasurer Tom Koutsantonis

Minister for Finance Minister for State Development Minister for Mineral Resources and Energy Minister for Small Business Minister for Automotive Transformation
Tuesday, 8 April 2014

South Australia on show at petroleum and exploration conference


South Australias reputation as a trusted regulator and a province for oil and natural gas exploration and production is on show this week at the Australian Petroleum & Exploration Association (APPEA) conference in Perth. Mineral Resources and Energy Minister Tom Koutsantonis said South Australia aims to be the best destination in Australia, if not the world, for responsible and sustainable oil and natural gas exploration and production. While gas supply for the States domestic and industrial users, employment and revenue streams are all important, the States trusted regulatory framework must meet community and industry expectations first, Mr Koutsantonis said. We are the first state in Australia to develop a blueprint for unconventional gas projects and the Roadmap for Unconventional Gas is now recognised as the most comprehensive and collaborative gas policy framework in Australia. It has paved the way for companies like Santos, Senex, Beach Energy, Origin Energy, Strike Energy, Drillsearch and Chevron to begin development of the States vast gas resources. South Australia is home to Australias largest onshore oil and gas province in the Cooper Eromanga Basins, which is estimated to have 400 years worth of domestic supply. Four new petroleum exploration licences (PELs) in the Cooper and Eromanga Basins are being offered by the State Government, and information about the blocks will be promoted at APPEA. The bids are open through to the end of May. The CO2013 blocks, as theyre known, cover an area of more than 9000 square kilometres and possibly contain conventional and unconventional gas plays, Mr Koutsantonis said. The Cooper-Eromanga Basins are the States most prospective, and Australias largest onshore oil and gas province, supplying major south-eastern domestic and industrial customers with gas for more than 40 years and producing oil since 1982. Expenditure on petroleum exploration increased 33 per cent in the 2013 September quarter and in the past financial year petroleum production value exceeded $6 billion. The Perth APPEA 2014 conference is being held at the Perth Convention and Exhibition Centre between 6-9 April and is the largest upstream oil and gas forum in the southern hemisphere. More than 3200 delegates and partners are expected to attend the conference. For more information about the PEL applications visit www.petroleum.dmitre.sa.gov.au

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