Australia offers first offshore oil and gas acreage since 2022

In 2020, more than 40 areas were offered for bidding - many in the north of the country - and by 2022, only 10 were up for grabs.

The east coast gas market in Australia will face a supply shortfall later this decade and while the areas offered are unlikely to be producing commercial volumes of gas this decade, Canberra hopes it will help stave off later shortfalls.