Australia will release 31 new offshore petroleum exploration areas, the Minister for Resources and Energy, Martin Ferguson said today.

The 2009 release areas lie across five basins off the Northern Territory, Western Australian, South Australian and Victorian coastlines. The release also includes two special release areas that are known to hold hydrocarbons.

These special areas lie over the Turtle and Barnett discoveries off Western Australia and the Northern Territory. Six of the 2009 release areas have been selected as Designated Frontier Areas.

These include three large deepwater areas in the northern Exmouth Plateau, which contains the Jansz and Scarborough gas fields.

The other three areas lie in the central Great Australian Bight off South Australia, the ‘truly new frontier with no nearby permits currently held’, Minister Ferguson said.

Bids for 18 of the new areas and the two special release areas close on 3 December 2009, with bids for the remaining 13 areas closing on 29 April, 2010.

Speaking at the Australian Petroleum Production & Exploration Association's New Frontiers conference in Darwin, Minister Ferguson said there is nothing more important to the industry and Australia’s future wealth, than keeping the exploration sector strong and building project development opportunities.

Minister Ferguson said: "We must not forget that the long-term outlook for oil and gas is one of enormous demand growth. Investment in exploration and production must continue through the present economic downturn."