Crisafulli Government fast-tracks lease extension to boost fuel storage

• The Crisafulli Government has fast-tracked bp’s lease extension at their Bulwer Island facility in Brisbane, unlocking an up to $100M investment for additional fuel storage.
• The extension will allow bp to add an initial 54 million litres of additional storage for diesel, gasoline and aviation fuels to be delivered by early 2029, boosting capacity by 20 per cent. 
• The Crisafulli Government is restoring Queensland’s fuel security under a plan to drill, refine and store fuel locally.  

The Crisafulli Government has fast-tracked bp’s lease extension at the Bulwer Island facility at the Port of Brisbane to secure additional fuel storage as part of its plan to restore fuel security in Queensland.  

The lease extension allows bp to unlock an up to $100 million investment to refurbish five idle storage tanks, delivering 54 million litres of additional storage of diesel, gasoline and aviation fuels where it is needed most.  

Under the lease, bp will have the option to refurbish a further five storage tanks with the potential to unlock another 49 million litres of capacity or potentially construct new storage facilities.  

Queensland is the only state that has taken action on fuel security and is ready and willing to support new projects to unlock federal funding opportunities and restore energy sovereignty. 

Premier David Crisafulli said fast tracking the lease extension formed part of the Government’s fuel security plan for Queensland.

"We are restoring our ability to drill, refine and store, to ensure we are never again at the mercy of foreign conflicts,” Premier Crisafulli said. 

“We made a commitment to Queenslanders we would pull every lever to take back control of our destiny and a key part of that is ensuring investment confidence in Queensland. 

“As part of Queensland’s Fuel Security Plan we will continue to deliver short, medium and long-term solutions.” 

Minister for Natural Resources and Mines Dale Last said the announcement from bp today was proof of what can be achieved by a government that is truly committed to restoring fuel sovereignty. 

“Well before this crisis began, we met with bp to secure a long-term plan for the future of the Bulwer Island facility,” Minister Last said.  

“We recognised the importance of the project and as a result were able to fast-track bp’s lease extension, providing the company with the certainty to invest. We just make it happen. 

“It’s similar to what we were doing for the gas and petroleum industry; I released areas for exploration in the Taroom Trough back in May 2025 and March 2026 and since then, we’ve established the Taroom Trough Development Plan to streamline associated roads and trunk infrastructure. 

“We’re the only state taking fuel security seriously and making the decisions that will return energy sovereignty to our state. 

“Never again do we want to be at the end of a supply chain that sees Queenslanders suffer because they can’t get the fuel they need to do their job.” 

bp Country President Paul Augé said the lease extension will help increase fuel storage at the facility.

“bp congratulates the Queensland Government on its Accelerating Fuel Infrastructure Program, which will help bolster fuel security and resilience for the State,” said Mr Augé.
 
“The lease extension announced today gives bp the certainty and confidence we need to unlock investment and progress our plans to increase fuel storage for Queensland businesses, tourism and vital industries by twenty per cent.”

ENDS 

MEDIA CONTACT: Eloise Linneth 0458 592 640 

ADDITIONAL INFORMATION: 

• Lease extension fast-tracked to provide bp certainty of tenure until 2061. 

• The up to $100M investment involves the refurbishment of five existing storage tanks, delivering an additional 54 million litres of storage capacity for diesel, gasoline and aviation fuels which will boost capacity by 20 per cent.

• Initial works will commence in 2027, with a planned completion in early 2029. 

• The full potential of the site could unlock more than 100 million litres of capacity if a second phase of refurbishments, or new works are deemed to be feasible. 

The Queensland Fuel Security Plan includes: 

• Unlocking oil reserves - helping reduce reliance on imports and stabilise prices by fast tracking approvals to extract fuel from Queensland’s Taroom Trough, a process the Crisafulli Government started before this crisis.   

• Refining more fuel here in Queensland - more fuel processed locally, keeping fuel costs lower and more predictable.   

• Boosting fuel storage capacity - protecting against shortages and sudden price spikes that hit families hardest.   

• Removing state taxes on fuel price rises - delivering immediate savings every time Queenslanders fill up and permanently locking in 50 cent fares on public transport.   

• Improving transparency - backing States and Territories in pushing Canberra to publish a dashboard with incoming fuel shipments to plan ahead for future pressures.