This week Queensland Minister for Natural Resources and Mines Dr Anthony Lynham announced Chi Oil and Gas, Armour, Bridgeport Energy and Cypress Petroleum will be exploring acreage in the Surat, Bowen, Eromanga and Adavale basins in Queensland as part of a push to bring more gas to both the domestic and export markets.
The move has been welcomed by the Australian Petroleum Production and Exploration (APPEA), with Chief Executive Dr Malcolm Roberts saying the industry will benefit greatly from the initiative.
“With 6,600 km2 of new acreage open for exploration, the Queensland government must be applauded for its commitment to creating new local gas supply,” he said.
“For our part, the industry is keen to invest, creating more jobs and more supply.”
Dr Roberts said it was important to facilitate new gas developments at a time when restrictions on gas exploration in New South Wales and Victoria was putting more pressure on prices for customers.
“New South Wales and Victoria are crying out for cheaper gas while they are locking up local resources,” he said.
“This approach is needlessly pushing up prices for customers.
“The Australian Competition and Consumer Commission (ACCC) estimates that transport costs can add up to 25 per cent to gas prices.
“The Queensland Government should be congratulated for recognising that the only way to put downward pressure on prices is to increase supply.”
The new explorations are located in Queensland’s southwest.
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