The idea was raised in the recent Energy White Paper, with Resources & Energy Minister Martin Ferguson saying cash bidding would apply only to mature areas and would "prevent over-exploration in areas where none or little may be required and ensures the release of these areas is equitable, economic and efficient”.
But the oil and gas upstream industry did not welcome the idea of cash bidding, saying it would “reduce the overall pool of funds available for companies to undertake exploration, because they divert funds from the drilling of wells to the payment of government access charges”.
The
