Full steam ahead for Queensland’s gas industry

Legislation introduced into State Parliament would help investors to tap into a wealth of gas resources right across the state, Mines and Energy Minister Geoff Wilson said today.

Minister Wilson said the legislative changes would create easier access to Queensland’s rich gas reserves, lower the cost and reduce the red tape for potential investors.

“There’s a wealth of untapped potential in mineral basins right around the state. We want to spark a mini exploration rush,” Mr Wilson said.

“We’ve already opened up more than 110,000 square kilometres of land to potential explorers and investors.

“The Surat Basin, which is rich in gas resources, is set to rival the Bowen Basin as the state’s economic powerhouse.

“It’s good for the economy and good for the environment. We’re serious about tackling climate change and gas holds the key as a transitional fuel source.

“Gas produces half the emissions of coal-fired generation and is a vital way forward while emerging clean coal technologies are being developed.

“The coal seam gas industry is going full steam ahead, due in no small part to our 13 per cent gas scheme which requires electricity retailers to source at least 13 per cent of their energy from gas-fired generation.

“Under ClimateSmart 2050 we’re increasing our gas scheme to 18 per cent by 2020,” he said.

“By investing in coal seam gas, we’re investing in the people who live and work in towns like Dalby, Miles and Chinchilla. We’re giving them jobs and job security.

“Our coal seam gas projects have already yielded around $1 billion worth of development across Queensland and we have around 3,000 megawatts of gas-fired generation on the drawing board.

Minister Wilson said the National Gas (Queensland) Bill 2008 was designed to increase the penetration of natural gas in Queensland, which should lower energy costs and improve energy services, particularly in regional areas.