Beach Energy and Bridgeport Energy have been granted permits to explore for gas in state waters near Portland and Port Campbell.
An existing productive gas industry already exists in the area, helping two million Victorian households heat their water, food, and homes.
Should initial exploration be successful, up to $85 million could flow into the economy, contributing to further investment in the south-west and new jobs.
Exploration involves geological studies to search for offshore gas deposits, including a range of desktop and field activities which are subject to strict environmental controls.
The Victorian Gas Program has recently identified potentially significant onshore conventional gas resources particularly in the Otway Basin, resulting in the restart of the onshore conventional gas industry in 2021.
These exploration permits to explore offshore are further good news for local jobs and investment in the south-west.
