The three year agreement aims to assist energy companies to more effectively explore for new oil and gas reserves, reduce exploration risk and encourage investment in Victoria.
CSIRO project leader James Underschultz said “This will improve the characterisation of Victoria’s sedimentary basins and the mechanisms that drive the petroleum systems, which could contribute to an increase in resource estimates, attracting industry to invest in the state.”
The techniques will measure various properties of rock cores, organic mater, and formation fluids, as well as model the generation, migrate and trapping of oil and gas.
Victorian Minister of Energy and Resources Peter Batchlor said that finding new reserves is a key challenge of national importance to the oil and gas industry and Australia’s energy security.
The project is expected to be completed in 2011.
