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New investment in offshore exploration totals over $372 million

30 May, 2014

Industry minister Ian Macfarlane has announced the awarding of nine new permits as part of Round One of the Australian Government's 2013 Offshore Petroleum Exploration Acreage Release.

Macfarlane said the new permits are located in Commonwealth waters offshore from Western Australia, Victoria and the Territory of Ashmore and Cartier Islands.

"I am pleased to see the continuing exploration of Australia's offshore petroleum sector," Macfarlane said.

"These permits will see more than $372 million in exploration investment over the next six years.

"This demonstrates the importance of putting in place a policy framework to ensure Australia remains a strong and attractive investment destination. I look forward to working with the petroleum industry to maintain exploration investment in Australia.

"Australia's energy future is enhanced by the efficient exploration of our sedimentary basins."

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