The Albanese Government has opened new areas for offshore gas exploration as it works to put downward pressure on power prices and ensure Australian industry has access to gas at affordable prices.

Minister for Resources and Northern Australia Madeleine King said five new areas would be opened up for bidding in the Otway Basin.

The release follows a review of the way new offshore acreage is made available for exploration, and extensive consultation with industry and stakeholders.

“Exploration and new discoveries will play an important role in underpinning our energy needs and support Australian industry and households as we meet our net zero commitments,” Minister King said.

“The release of new acreage supports our Future Gas Strategy and will help ensure Australians continue to have access to gas at affordable prices.”

Releasing new acreage helps address the structural gas shortfalls forecast from 2029 by the Australian Energy Market Operator (AEMO) and the Australian Competition and Consumer Commission (ACCC).

Addressing shortfalls is important to support our manufacturers who require gas as a feedstock or as a heat source and cannot transition to alternatives in the short to medium term.

Minister King said the new release areas, which are in Commonwealth waters, have been shaped to protect neighbouring marine parks, with buffer zones to protect marine park boundaries. All projects will be required to meet strict environmental and emissions standards per usual processes.

Public consultation on the nominated new areas will be open for 8 weeks until February 6th 2026, with further information available here.

Applications for exploration permits will close on 30 June, 2026.

These new release areas have been agreed under the joint authority regime with the Victorian State Government.

This offshore acreage complements the South Australian and Victorian State Government’s exploration programs.

The Government has also published revised offshore guidelines for retention leases and work-bid programs, following an open consultation process.

The guidelines are available on NOPTA’s website at www.nopta.gov.au.