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Gippsland Basin

Release Area V17-1, offshore Victoria

Highlights

Bids close on Thursday 19 October 2017

  • Proven world class petroleum province with ready access to the growing southeast Australian energy market.
  • Adjacent to major producing oil and gas fields
  • Shallow water around 50 m deep
  • Release area fully covered by 3D seismic
  • Further guidance applies, refer to 2017 Special Notices.

The Gippsland Basin is recognised as one of Australia’s premier hydrocarbon provinces, having continually produced oil and gas for the southeast Australian energy market for over 50 years. From 1967-2015, the Gippsland Basin Joint Venture alone produced 54% of Australia’s crude oil and gas, comprising 4.7 Bbbls (~750 GL) of oil and 8 TCF (~200 km3) of gas (Jakeman, 2016). Several petroleum systems operate in the basin, with the largest oil and gas fields hosted by top-Latrobe Group (Eocene) shallow marine barrier sandstones, and additional discoveries made in intra-Latrobe (Upper Cretaceous-Paleocene) coastal plain and deltaic channel sandstones.

Release Area V17-1 consists of four graticular blocks located in shallow water (~50 m deep), 16 km southeast of Lakes Entrance, adjacent to numerous producing oil and gas fields including Snapper, Marlin, Turrum and Longtom (Figure 1). Most of the area is located on the Northern Terrace and reaches as far as the Central Deep basinward of the Rosedale Fault System. Rollover structures associated with the Rosedale Fault System have proved successful exploration targets at the nearby Moonfish, Sunfish and Sweetlips fields. North of the area, oil has been produced from the onshore Lakes Entrance Field, while gas is produced from the Admiral Formation of the Emperor Subgroup (Figure 2 and Figure 3) in the Longtom Field immediately adjacent to Release Area V17-1.

A detailed well log for the nearby Longtom 1 ST1 well is shown in Figure 3, indicating the gas bearing reservoir in the Turonian age Admiral Formation of the Emperor Subgroup. Figure 4 shows a cross section through this well and others on the Northern Terrace and Central Deep, in the vicinity of the Release Area. One well, Fur Seal 1, lies within V17-1 and two 3D seismic surveys: the Fields 3D MSS and 3D‑Geo Seismic Mega-volume surveys, cover the area (Figure 5). The major play types occurring in the Gippsland Basin are shown in Figure 6.