Offshore Petroleum Exploration Acreage Release
BID ASSESSMENT CRITERIA
This fact sheet provides an overview of the criteria other new surveying, data acquisition and
considered by the Joint Authority when assessing an reprocessing to be carried out;
applicant’s bid for offshore petroleum exploration
the amount, type and timing of any purchasing or
acreage. Applications are expected to be in
licensing of existing data;
accordance with the criteria set out in the Assessment
of Bid and Renewal Applications Guideline available significant appraisal work over any previous
under: Administrative guidelines. petroleum discoveries within the area;
the type, scope and objectives of the geotechnical
The Joint Authority invites work program bids for
studies proposed within the area;
offshore petroleum exploration acreage. The primary
objective in awarding an exploration permit is to select the extent to which the applicant’s technical
the bid most likely to achieve the fullest assessment assessment supports the amount of seismic
of the petroleum potential within the permit area in surveying and the number and conceptual targets
the minimum guaranteed period of the permit. of wells proposed in the application.
An exploration permit will only be offered to an In assessing an applicant’s financial capacity and
applicant, if the applicant can satisfy the Joint Authority: technical capability to undertake the proposed minimum
1. that the proposed work program is likely to work program, the Joint Authority will consider:
significantly progress the assessment of the the financial resources and technical expertise
petroleum potential of the permit area; and available to the applicant;
2. of its financial capacity and technical capability to the likelihood of ongoing access to sufficient
undertake the proposed minimum guaranteed financial resources to undertake the proposed
work. work program, including consideration of any
The technical assessment (geological and geophysical) existing commitments in other permits;
of the potential petroleum of the area should be based the viability of any consortium lodging an
on available pre-competitive, and other, data sources. application, including evidence that a satisfactory
This assessment should support the proposed work Joint Operating Agreement has been, or can be,
program, detail and take into account the following bid reached; and
past performance in other petroleum exploration
the number and timing of exploration wells to areas in Australia and/or internationally.
In the event that a winning applicant cannot be chosen on
the amount, type and timing of seismic the basis of the minimum guaranteed program, the
surveying to be carried out; amount and timing of work proposed under the secondary
work program will be assessed against the above criteria.
This fact sheet has been developed as a guide only. It does not replace or amend information provided in the Offshore Petroleum Legislation, Regulations and Guidelines
available at: www.ret.gov.au/offshoreresourceslegislation. In the event that there is a discrepancy between this fact sheet and the legislation, the legislation has precedence.
Explorers should not rely solely on this information when making commercial decisions.