The organisation will receive an extra $5 million in the coming year, an additional $24.3 million in 2011-12, another $25.77 million the following year, and an extra $10.18 million in 2013-14.
The priority for the organisation this year will be to “promote the petroleum prospectivity of Australia”, according to the budget documents.
In particular, GA will provide scientific and technical support to government for the 2011 offshore petroleum acreage release which includes the Perth Basin;
GA will also complete interpretation of data from the southwest frontiers of Western Australia to assess hydrocarbon potential, as part of the Offshore Energy Security Program, and complete the assessment of the petroleum potential of remote eastern frontier basins.
Other key priorities for the year will be the acquisition and interpretation of regional geological, geochemical and geophysical datasets to better assess Australia’s potential for new petroleum, geothermal, uranium and thorium resources; and to identify and document regions for geological storage of carbon dioxide.