On 15 May 2018 the Australia Federal Government opened the 2018 Offshore Federal Acreage Offer at the APPEA Conference being held in Adelaide. A total of 21 new areas, as well as 11 re-released areas, have been opened in the round, covering a combined area of 148,254 sq km.  Of the blocks on offer, 27, which includes the 11 re-released areas, have been opened for work programme bidding. These blocks will close in two tranches, as is usual in the Federal Acreage Offer, with 20 blocks closing on 18 October 2018 and the remaining seven closing on 21 March 2019.Â  The remaining five blocks on offer are open for cash bidding.Â  Pre-qualification will be required to bid for these blocks, and this must be approved by 4 October 2018.Â  The cash bid auction will then close on 7 February 2019.  Five areas are located in the Otway Basin. V18-1 and V18-2 are new blocks open as work programme blocks and close with the first tranche, on 18 October 2018.Â  V17-2 and V17-3 are re-released, announced in early July 2018, and will also close in the first tranche. V18-3 is a cash bid block.  V18-1 covers an area of 162 sq km and is located in the Shipwreck Trough and Mussel Platform sub-basins. There are no wells located in the area, though 2D and 3D seismic cover the area. It is located in close proximity to a number of producing gas fields including Henry/Netherby, Minerva and Casino.  V18-2, which covers an area of 2,470 sq km, is located across the Mussel Platform, Voluta Trough and Portland Trough. It is also in close proximity to the Henry/Netherby and Casino fields, as well as Thylacine and Geographe.Â  The block contains three wells, Triton 1 and Nautilus 1A which were dry, and Triton 1ST1, which encountered gas shows.  V18-3, the cash bid block, covers 200 sq km in the Mussel Platform.Â  It contains the La Bella gas discovery, which was made in 1993.Â  The previous holders had hoped to produce from the field, before the permit was cancelled in 2017.  V17-2, which covers an area of 235 sq km, is located in the Mussel Platform.Â  No wells are located within the block, but it is well covered by 2D and 3D seismic.   V17-3, which covers an area of 182 sq km, is located across the Prawn Platform, Shipwreck Trough and Port Campbell Embayment. No wells are located within this block, but it is also well covered by 2D and 3D seismic.   Within the Otway Basin there are a number of offshore producing gas fields â differing from its neighbouring basin, the Gippsland, which has seen significant oil production.  Within the southern margin of Australia, all hydrocarbons were attributed to the Austral Petroleum Supersystem. Three petroleum sub-systems have been recognized within the Austral Petroleum Supersystem, and related them specifically to the Otway, Bass and Gippsland basins. The three sub-systems are the Late Jurassic to earliest Cretaceous fluvio-lacustrine shales (Austral 1), Early Cretaceous fluvial shales and coals (Austral 2) and Late Cretaceous-earliest Tertiary fluvio-deltaic shales (Austral 3). Future potential is thought to be related to the Casterton and Dilwyn formations and Katnook, Timboon and Paaratte sandstones.  Areas in the full 2018 acreage offer are located in offshore waters of Western Australia, the Northern Territory, Ashmore-Cartier Territory, South Australia and Victoria.Â  Blocks are located within the Browse, Bonaparte, North Carnarvon, Roebuck, Bight, Otway and Gippsland basins.    Consultation for the blocks to be offered was opened in December 2017, to allow groups to consider the areas being offered.Â  Consultation was open until 7 February 2018.Â  No changes have been made and the 21 blocks considered were opened under the round.
On 15 May 2018 the Australia Federal Government opened the 2018 Offshore Federal Acreage Offer at the APPEA Conference being held in Adelaide. A total of 21 new areas, as well as 11 re-released areas, have been opened in the round, covering a combined area of 148,254 sq km.