QPM Energy pivots to include developing gas assets

An upswing in demand for gas and decreasing supply in particular in the southern states has influenced the direction of a Queensland company. Queensland Pacific Metals (QPM) has advised the ASX that it is officially now known as QPM Energy Limited (ASX: QPM). The company has successfully pivoted from a battery materials company to an energy company in a little over 12 months. Main image: Site preparation for drilling on the Moranbah Gas Pipeline It came about as QPM purchased the Moranbah Gas Project (MGP) and assets off Arrow-AGL originally to power a nickel sulphide plant planned outside Townsville. The company has secured $16 million federal and state grant monies to continue the Townsville Energy Chemicals Hub (TECH) project which remains part of the QPM Energy group. Related: Grant to help get funding for QPM TECH project The business was maturing said CEO David Wrench. QPM Energy chief executive officer David Wrench “We've been dealing with a lot of stuff and as a company we've pivoted our strategy and that's taken a fair bit of effort and we've also been simultaneously turning around the project,” Mr Wrench said. “But we're now, I think, just getting some clean air where we can actually start talking more broadly to stakeholders about what are we doing, what can we do, where can we go and how do we fit into a really a broader solution for the energy markets and the transition going forward. “I think we are critical, actually and probably we haven't yet fully appreciated the role that we can play, but as we do, we are hoping to get that message out.” Related: QPM Energy on track to increase gas production The new direction of the company was aligned with the increasing demand for energy said Mr Wrench. “Well, I think you'll see a lot of the commentary out there. The AEMO (Australian Energy Market Operator) and ACCC continue to do extensive work on studying the gas market and forecasts and clearly they're concerned and with Bass Strait production declining rapidly. “I think there are two issues. One is gas for domestic retail use, gas for industry, but also gas for transition, energy transition and gas fired power stations are really, I think, essential and we don't have enough of that in the system currently. “So we need it on all fronts. And there are very few companies at the moment that actually have the assets, the social license, the approvals in place to actually meaningfully increase production into that space.” Click here for Mr Wrench’s presentation to the Noosa Mining Conference.

QPM Energy pivots to include developing gas assets

Industry Queensland

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