Offshore Energy (OEPL) has been provided with a licence to undertake resource exploration in Commonwealth waters for an offshore wind farm.
Under its current licence, OEPL will be allowed to undertake activities to assess wind resources and sea bed conditions to understand whether an offshore farm is technically feasible, but has not been given any rights to develop or operate an offshore wind farm.
The licence also requires OEPL to undertake extensive consultation with the community and industry before undertaking any activities.
Offshore wind farm exploration has been successful overseas, but OEPL’s licence is an Australian first.
The possibility of Australia participating in this particular energy sector could provide new investment and employment possibilities, while also contributing to the stability of the grid and overall lowering power prices.
The Government’s engagement with the proposal is only in relation to the exploration licence and it is not providing financial support toward the development of the project.