(EnergyAsia, July 14, Monday) — Offshore oil and gas event SEAAOC to be held in Australia’s northernmost city, Darwin, this week will take place at a time of unprecedented interest from domestic and international companies in the country’s mining and energy prospects.

With oil last week reaching a new record high of more than $147 a barrel and experts predicting it could reach $200 or falling back to under $100, interest is likely to intensify.

SEAAOC has attracted more than 300 delegates, including oil and gas professionals from around the world and senior representatives of government in Australia and the South East Asian region.

Along with escalating oil and gas prices, there is cause for optimism for the future of Australia’s energy sector.

More than $100 billion worth of petroleum projects are under development or in planning in Australia, said industry lobby APPEA’s CEO, Belinda Robinson, who will chair the first day of SEAAOC.

The UN has agreed to extend Australia’s territory by an area five times the size of France, providing more area to explore for new oil and gas reserves.

The Federal Government recently awarded nine exploration permits representing a A$425 million investment in offshore petroleum. (US$1=A$1.05). The authorities have agreed to reduce barriers to exploration.

High oil prices cause pain, but they can also create opportunities for gain. As Paul Henderson, chief minister of the Northern Territory government, said:

“We’re the furthest removed capital city from the rest of Australia so high oil prices do affect our economy.

“But the development of oil and gas fields in the Timor Sea and the Bonaparte Gulf in the region makes these very interesting and exciting times for the Northern Territory.

“The (Inpex) Ichthys Field has just been re-evaluated to have 500 million barrels of condensate along with 13 trillion cubic feet of gas, so getting this type of project to Darwin is very important to my government and that’s why we’re going after the Inpex Project as hard as we possibly can.”

At SEAAOC, Mr Henderson will welcome delegates and outline his government’s vision for Darwin as an oil and gas service and supply industry hub, building on the ConocoPhilips LNG plant at Darwin’s Wickham Point.

Inpex is known to be seriously considering setting up a plant to process Ichthys Field gas in Darwin, which Mr Henderson describes as ‘gas ready’. Gas is seen as a part solution to high oil prices, with Australia ideally located to supply clean and plentiful natural gas to the Asia-Pacific region.