PERTH (miningweekly.com) – The federal government has unveiled its third strategic basin plan, this time for the Cooper and Adavvale basins, spread across South Australia and Queensland.
Minister for Resources and Water Keith Pitt said the Cooper-Adavale region encompasses one of Australia’s premier oil and gas producing regions.
“The Cooper-Adavale region is a well established gas producing area and has supplied Australian businesses and residents since the 1960s. This plan supports the government’s vision to unlock Australia’s vast gas resources to increase the nation’s gas supply and create major new job opportunities.
“The work will provide fresh insights into this region, and a deeper understanding of the area’s geological history and potential for resource development.”
Pitt said the government will dedicate more than A$60-million in two new initiatives to bring new gas to market, including a A$30.9-million Data Driven Discoveries, led by Geoscience Australia, which will collect and publish new geoscientific data to drive exploration investment to prove up the basin’s resource potential.
This activity will mostly focus on the underexplored Adavale basin.
A further A$30-million will be spent on the Optimise and Discover Program, which will increase gas supplies and increase competition between gas producers in the Cooper and Adavale basins. It will bring forward the development of a strong and diverse portfolio of oil and gas resources in the basins.
The Queensland Resources Council (QRC) has welcomed the strategic plan, with CEO Ian Macfarlane saying it was a sign of the economic potential of Queensland’s resources to support investment and jobs, given that two of the three plans released so far had a specific focus on Queensland.
“Queensland’s gas industry powers the East Coast economy, supporting manufacturing and industry jobs from Townsville to Geelong. The gas industry has led to thousands of jobs and supported economic diversity in our regions,” Macfarlane said.
“QRC’s figures show the Queensland gas industry adds A$11.1-billion to the Queensland economy and supports more than 51 000 jobs.
“Queensland’s powerhouse gas regions of the Surat, Galilee and Bowen basins have delivered economic returns for all Queenslanders. Investments in new gas projects in the Cooper and Adavale basins can help create new jobs and underwrite Australia’s energy security.
“Resources projects in Queensland are developed according to the highest environmental and regulatory standards, and any new investments will be developed in the same sustainable way.
“The International Energy Agency forecasts that under a range of scenarios for emissions reductions, including net zero pledges, demand for natural gas in the Asia Pacific will increase.
“There are significant economic opportunities for Queensland gas as a transition fuel for nations that are pursuing net zero emissions goals, including in its role working in tandem with renewables to firm up energy supply,” said Macfarlane.
The Government will work with state and local governments, industry, communities and scientific experts to unlock the potential of the basins, for the benefit of all.
The Government earlier this year released strategic plans for the Beetaloo basin, in the Northern Territory, and the North Bowen and Galilee basin, in Queensland.