New $1 billion Qld gas project will be welcomed by East Coast market: QRC
11 August 2022
The Queensland Resources Council (QRC) has welcomed today’s announcement by Senex it will invest $1 billion towards expanding natural gas projects in the Surat Basin to deliver more gas to Australian customers on the East Coast.
The bulk of capital will be spent over the next two years on gas infrastructure and wells in western Queensland, delivering an estimated $200 million boost to regional businesses and local communities. The investment is also set to create more than 200 construction jobs and 50 permanent roles.
QRC Chief Executive Ian Macfarlane said that once the expansion of the Atlas and Roma North projects was complete, Senex will be in a position to deliver a total of 60 petajoules (PJ) of gas each year to support demand from the East Coast market.
“Today’s announcement by Senex underlines the importance of investment in new projects that can deliver the gas the East Coast needs to support manufacturing and other types of industry,” Mr Macfarlane said.
“The most effective way to ensure gas consumers have access to affordable and reliable energy to power industry is to increase investments in gas supply and new projects.
“It’s reassuring to see investors in Queensland gas projects continue to take the lead on new projects that underpin energy security for Australia.
“Gas will be increasingly important for Australia and our trading partners, as economies make the transition to lower emissions activities and work towards net zero emissions goals,” he said.
“This expansion by Senex demonstrates the best path forward to shoring up Australia’s energy security and will be welcomed by the market.”
Mr Macfarlane said it was more important than ever that investors have the confidence to make significant investments in resources and energy projects.
“A stable regulatory and royalty regime is essential to providing companies with the confidence to invest significant capital towards new projects,” he said.
“No state should be complacent that investments in resources and energy projects of this scale will go ahead without a steady and reliable regulatory framework, on which companies can base long-term investment decisions.”
Media contact: Rachel Stewart – [email protected] or 0408 130 767