Australia extends its continental shelf-more oil and gas exploration expected.

“I am pleased to announce that Australia, the largest island in the world, has just been dramatically increased in size,” Resources Minister Martin Ferguson told reporters in Canberra. Under an agreement with the United Nations Australia has extended its continental shelf by 2.5 million square kilometres.”That is an area five times the size of France, 10 times the size of New Zealand, and 20 times the size of the United Kingdom,” Mr Ferguson said.

This could mean an increased effort in the exploration of this area. Mr Ferguson could not put an estimate on the value of oil and gas reserves that may be present as there has been no exploration before. Mr Ferguson cited energy security at the heart of the move and Australia’s ability to provide continuity to its energy customers.

The question will be what areas and under what conditions will the expected oil and gas exploration take place. Mr Ferguson is quoted as ruling out exploration around Antarctica but it is expected that the pressure to find new reserves will see increased activity in other pristine areas.

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~ by abstraktbiblos on Monday, 21 April, 2008.

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