Cash on table to unlock new gas reserves

Queensland’s new Frontier Gas Exploration Program is open for applications, putting $21 million in grants on the table to unlock new gas reserves in the Bowen and Galilee basins. Resources Minister Scott Stewart said the Frontier Gas grants would give industry the investment certainty needed to develop the Bowen and Galilee basins, helping to ensure Queensland’s gas supply remained reliable and affordable in the years to come. Resources Minister Scott Stewart. “Last financial year, the gas sector generated $2.3 billion in royalties, which are being reinvested to deliver critical local infrastructure including schools, hospitals and ports," Mr Stewart said. “While the southern states have imposed restrictions and moratoriums on the development of their onshore gas resources, Queensland continues to do the heavy lifting in the east coast gas market.” Related: Exploration packages earmarked for tender Queensland produces about a third of Australia’s domestic supply and the State Government has released more than 20,000 sq km of land exclusively for domestic gas supply since 2017. Australian Energy Producers Queensland Director Keld Knudsen said the opening of the Frontier Gas Exploration Program to applications would help inject millions of dollars of exploration investment into regional communities around the Bowen and Galilee basins. “Gas exploration is the first step to securing new gas supply and keeping energy reliable and affordable,” Mr Knudsen said. “Queensland understands how to extract the benefits of gas on the path to net zero, with exploration for gas to uncover the state’s abundant supplies delivering millions of dollars of investment into regions. “Securing new supply can then deliver more benefits to Queenslanders – like 30,000 jobs along the supply chain, the billions spent with local Queensland suppliers and contractors, or the $1.4 billion a year of royalties flowing to the state Budget on average." Queensland Treasurer Cameron Dick said that, as the government drove the clean energy transformation forward, it was determined to continue to make the most of the Queensland gas reserves so vital to Australia’s heavy industries. Applications for Frontier Gas Exploration Program grants close on January 31, 2024. To be eligible, applicants must demonstrate how their program will contribute to increasing identified gas resources and reserves in the Bowen and Galilee basins with an integrated strategy to bring gas to market in a timely manner. For more about the program and the application process, click HERE.

Cash on table to unlock new gas reserves

Industry Queensland

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