Valuable gas reserves up for cash tender

Tenders have opened for the first round of land available for petroleum and gas exploration through Queensland’s new competitive cash bidding process.

Minister for Natural Resources and Mines Andrew Cripps said the new process would ensure all Queenslanders benefited from the timely development of the state’s most resource-rich areas.

“From today, companies will be able to submit a tender to explore in two areas of potentially highly prospective land for petroleum and gas in the Surat Basin,” Mr Cripps said.

“The new competitive process to secure exploration rights will ensure the most appropriate explorers with a commitment to resource development secures access to available land.”

Mr Cripps said the two areas included in the first tender had been identified by the State Government for their potential to be some of the highest quality gas reserves in Queensland.

“Area 1 is approximately 75 km² in size and located 8 kilometres west of Miles on the Warrego Highway. Area 2 is approximately 75 km² in size and situated about 8 kilometres south east of Condamine and is east of the Leichhardt Highway.

“Both areas are surrounded by existing granted petroleum exploration and production tenures and existing infrastructure.

“Expressions of interest for the competitive cash-bidding tenders close at 2.30pm on 14 February 2013.”

Tender applications will be subject to the same rigorous State Government assessment and approvals process that applies to all applications for coal, mineral, petroleum and gas exploration permits, including land access laws.

Mr Cripps said preferred tenderers would be recommended by an evaluation panel of senior officers from the Department of Natural Resources and Mines, Projects Queensland and the Department of State Development, Infrastructure and Planning.

“I want to stress there will continue to be non-cash land releases in ‘greenfield’ and under-explored areas that promote Queensland’s attractiveness for junior explorers,” he said.

“This will ensure that the government continues to encourage vital investment in greenfield exploration, while maximising benefits from the areas where geological knowledge is greater.”

A tender document has been prepared which contains detailed information on the geology of the two areas, other land uses that exist in the two areas, the tender process and application requirements.

For more information about the process and to download the tender documentation visit: www.mines.industry.qld.gov.au/mining/competitive-cash-bidding.htm

[ENDS] 19 October 2012

Contact: Jane Paterson 0417 281 754 or Paul Sutherland 0428 868 237