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New report helps ensure future energy security



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Monday, 20 June 2011

NEW REPORT HELPS ENSURE FUTURE ENERGY SECURITY A new report released today details the outcomes and achievements of the Australian Government’s five-year, $134 million Energy Security Initiative and points the way to new opportunities for minerals and petroleum discovery in Australia.

The report by Geoscience Australia entitled Toward Future Energy Discovery gives new impetus for energy and mineral exploration activity across the country and provides important input into Government policy making for Australia’s energy future.

Launching the report as part of an address to the CEDA State of the Nation conference on Australia’s resources and energy future in Canberra this morning, Minister for Resources and Energy Martin Ferguson AM MP underscored the importance of this work to maintaining energy security.

“Continued exploration for resources is fundamental to maintaining energy security,” Minister Ferguson said.

“Geoscience Australia’s work gives Australia a competitive advantage when it comes to attracting exploration expenditure that should not be underestimated.

“In a first for any continent, GA commissioned an Australia-wide airborne geophysical survey.

“No other continent in the world has been so extensively mapped in such detail.

“Results from both the offshore and onshore components of this work are already paying dividends.

“Industry has committed more than $600 million in offshore exploration in initial three year work programs with proposed secondary programs worth an additional $1 billion.

“Additional exploration expenditure onshore resulting from this work is estimated to exceed $300 million.

“The fresh insights Toward Future Energy Discovery provides into Australia’s mineral potential will help reduce the cost and risk of exploration for companies, which in turn will help attract further investment in years to come.”

The complete report is available at www.ga.gov.au

Media contact: Fiona Scott - 0457 542 330