Australia's government has issued a reminder to oil and gas companies that bids close shortly for the 2020 Offshore Petroleum Exploration Acreage Release.

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There were 42 blocks made available for competitive bidding in the licensing round.

The blocks are located in proven basins - the Bonaparte basin off Northern Territory, the Browse and Northern Carnarvon basins off Western Australia, and the Otway and Gippsland basins off the state of Victoria.

Bids are to be submitted by 4pm local time on 1 June 2021 to the Melbourne or Perth offices of the National Offshore Petroleum Titles Authority; late or incomplete applications will not be considered, said the Australian Department of Industry, Science, Energy and Resources.

"A reminder that foreign investors may need to seek approval from the Australian Treasurer. A decision will not be made on an application without the prior approval of the Foreign Investment Review Board (FIRB)," said the department.

The 2021 Offshore Petroleum Exploration Acreage Release will be offically launched at the 2021 APPEA Conference and Exhibition in Perth on 14-17 June 2021.