Australia Approves Offshore Gas Project to Bolster Local Supply

Australia has approved a natural gas project off the coast of Victoria state, as the major exporter of the fuel looks to offset anticipated domestic shortfalls in the more populated southeast.

The federal and Victorian governments granted a petroleum production license for the Annie field in the Otway Basin, allowing Amplitude Energy Ltd. to develop the resource using existing infrastructure, Resources Minister Madeleine King said in a statement Thursday. The government is also seeking nominations of new areas for offshore petroleum exploration in Victoria and Tasmania, according to the statement.