THE Carnarvon Basin has become one of the most popular offshore oil and gas addresses in WA.
Potential discoveries and new developments within this basin are on the increase, whereas prestigious locations such as the Bass Strait are considered on the decline.
With many areas still to be explored, the Carnarvon Basin is considered one of the most prospective locations in Australia.
Over the past decade the WA petroleum industry has delivered constant annual growth of 15 per cent, in terms of the value of product produced, and the Carnarvon Basin is responsible for a great deal of this.
Although the basin’s gas discoveries have been considered world-class, oil discoveries have remained comparatively modest.
However, the basin’s outlook remains prosperous, with numerous projects poised to take off within the next five years.
Department of Industry and Resources petroleum director Bill Tinapple said upstream development commitments worth billons of dollars were due to be made within the next 12 months.
This is despite the basin being considered a reasonably tough part of the world, far less benign in terms of major storms than offshore areas in south east Asia.
The 1,500 kilometre distance from its major technical centre in Perth also labels the region remote and renders transport costly in comparison with major developments in the Bass Strait.
Potential Timor Sea ventures are even considered less remote than the Carnarvon Basin, despite good local supply and service infrastructure.
