Australia Greenhouse Gas Acreage Bid Rounds
TGS has been active in Australia since 1998, building up an extensive database that consists of 2D, 2Dcubed and 3D seismic data, gravity and magnetics data, and Facies Map Browsers. Our data can help identify carbon storage opportunities in GHG lease blocks.
2023 Australia GHG Lease Round Announced
The Offshore Petroleum and Greenhouse Gas Storage Act 2006 established a system to assess and permit areas for CO₂ storage, and three subsequent release rounds were held in 2009, 2014, and 2021. On August 28, 2023, following a request for nominations by the Australian government, additional prospective CO₂ storage areas were announced to potential bidders.
Final submissions for work-bid applications closed on November 28, 2023. Applicants were required to perform a detailed assessment of the work they would be performing to determine the suitability of each storage area. These assessments needed to contain all the proposed engineering enhancements for injection and assessments of the geological and geotechnical characteristics of the formations that may influence the storage potential of the reservoir. In addition to the technical evaluation concerning the storage potential of various formations within the lease area, the applicants were required to provide environmental assessments to mitigate any interference with fishing or other nautical navigation and propose strategies to conserve marine geography and ecology.
Lease Areas for CO₂ Storage Exploration
Ten areas were available for CO₂ storage exploration. Six are located in offshore Western Australia, one in the Petrel Sub-Basin, one in the Browse Basin, three in the North Carnarvon Basin, and one in the Perth Basin. The remaining four areas are offshore Victoria, with two in the Otway Basin, one in the Bass Basin and one in Gippsland.
Zeemeermin 3D
Otway
Huzzas
Carnarvon
Beagle
Browse
Australia GHG Lease Round Timeline
Below are the key milestones for the lease round.
Declaration of Block Interest
Deadline to file declarations of interest for blocks with bid guarantees as well as submission of qualification documents
Disclosure of the Blocks
Disclosure of the blocks on offer in the 2nd Cycle of the Permanent Production Sharing Offer
Deadline to Present Declaration
Deadline for qualified bidders to present declaration of the blocks on interest and accompanying guarantees for the blocks on offer in the 2nd Cycle
Presentation of Bids
Public session for presentation of bids
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