Home » Latest News » Gas Action Plan to boost the Queensland gas industry
Latest News

Gas Action Plan to boost the Queensland gas industry

A Palaszczuk Government gas action plan will fire up growth and jobs in the gas industry from the wellhead through to gas-fired manufacturing and export LNG.

Minister for State Development and Natural Resources and Mines Dr Anthony Lynham today announced development of the Queensland Gas Supply and Demand Action Plan, to be completed early next year.

Terms of reference have been released to government and industry leaders ahead of consultation on an issues paper due out later this year.

“This action plan will be an overarching strategy to maximise exploration, drive development, keep gas costs down and get maximum economic and job benefit for Queensland,” Dr Lynham said.

“The eastern Australian gas market is undergoing a period of rapid growth and structural transformation following the commencement of gas exports to the Asia-Pacific market.

“The Palaszczuk Government needs to take the lead on the gas-related issues that will affect our households, our businesses, our industries and our jobs growth.

“Our Gas Action Plan will aim to stimulate increased gas supply, optimise the economic recovery of gas resources, and leverage and build on the Commonwealth Government’s various gas and energy initiatives.”

Queensland’s petroleum and gas industry supported almost 145,000 jobs directly and indirectly last year and has production worth $1.9 billion.

The industry is forecast to generate $411 million in royalties for Queensland in 2015-16.

Dr Lynham said a key part of the plan would be looking at future opportunities.

“Global demand for Queensland gas – led by Asia – is increasing. By 2018, Queensland is expected to be the fourth largest LNG exporter globally and by the end of the decade Australia has the potential to be the world’s leading LNG exporter,” he said.

“On the domestic front, natural gas demand on the Australian east coast is forecast to grow at a staggering 16.5 per cent each year.

“The Action Plan will examine the full spectrum of gas demand, business and employment opportunities in Queensland beyond what’s already happening or in the pipeline with liquefied natural gas production at Gladstone.”

The terms of reference will require the plan to focus on:

– characterising the Queensland gas sector
– identifying barriers to achieving least cost supply
– ensuring that markets have transparent market mechanisms
– ensuring that Queensland capitalises on all possible demand opportunities both domestically and internationally.

An issues paper will be released for consultation later this year with the final plan expected to be completed in the first quarter of 2016.

Add Comment

Click here to post a comment