Victoria has launched its first petroleum exploration tenders since 2018 to address gas supply risks from declining production. Applications are invited for offshore and onshore areas until 11 February 2026, aimed at supplying the domestic market. The move is part of a strategy to meet increasing electricity demand.

Environmental organizations oppose the tenders due to potential climate impacts. Concerns include seismic blasting, marine ecosystem damage, and groundwater drawdown. Critics argue that the projects are unnecessary as gas use in homes and businesses is decreasing. Indigenous landowners also challenged a major gas project in NSW.

The Australian Government announced a target to reduce emissions by 62–70% below 2005 levels by 2035. Australian Energy Producers welcomed Victoria’s decision to invite tenders for petroleum exploration permits. Natural gas plays a critical role in Victoria’s energy system, meeting a significant portion of household and manufacturing energy needs.

Read more at Yahoo Finance: Victoria opens first petroleum exploration tenders since 2018