Oil and Gas News

WA grant to bolster resources industry

The Western Australian Government has granted an additional $5 million in funding for the state’s exploration and incentive scheme (EIS) for the resources sector.

Part of the WA recovery plan following COVID-19, the investment will boost exploration opportunities and provide next generation geoscience information for state’s resources sector.

The EIS supports five high-level programs, including the co-funded drilling program, which offers up to a 50 per cent refund for innovative drilling in under-explored areas in WA.

The additional $5 million will increase funding for the EIS to $15 million in 2020-21, resulting in an extra $3 million being available across the next two co-funded drilling rounds.

Premier Mark McGowan said Western Australia’s resources industry would ensure the state rebounded stronger than ever from the effects of COVID-19.

“The additional $5 million funding will invigorate the industry and allow more exploration companies to participate in the co-funded drilling program, creating jobs for Western Australians,” McGowan said.

“The flow-on effect from this additional investment in exploration and technology will result in drilling companies deploying more rigs and workers, and lead to new resource discoveries.”