Queensland seeks investor interest in released oil and gas resources

The Palaszczuk Government is seeking interest from around the globe in exploring for potentially-rich petroleum and gas resources of Queensland, Australia's far south-western corner.

Dr. Anthony Lynham, Minister for State Development and Minister for Natural Resources and Mines recently noted 11,000 square kilometers in Queensland, Australia were released for exploration expressions of interest.

"New discoveries of gas resources will support future domestic gas supplies for Queensland as well as our world-leading liquefied natural gas industry," Dr. Lynham said.

Cooper Basin, Australia. Photo by Beach Energy.
Cooper Basin photo by Beach Energy.

"The Cooper and Eromanga Basins contain vast petroleum and gas resources and are considered among Australia's most prospective and commercially-viable regions for deep gas and oil development," he continued.

Adding to the potential attraction to investors, he said, is access to "$70 billion worth of infrastructure in pipelines, processing facilities and liquefaction plants."

The Department of Natural Resources is targeting potential explorers and investors in Europe, North America and Asia. Most of the land being made available is in the Cooper and Eromanga Basins, with one small area of highly-prospective land in the Surat Basin. The Cooper and Eromanga Basins (PLR2015-2) area covers about 11,000 sq. km in size in the remote, sparsely populated south-west corner bounded by Windorah, Betoota, Eromanga and the South Australian border.

"This is the first of a four-year land release plan for the Copper and Eromanga Basins and is designed to attract junior and major explorers," Dr. Lynham said.

The Surat Basin (PLR2015-1) area is about 6 square kilometers of high-prospective land, 22 km south-east of Condamine.

"This is close to the existing operations and infrastructure of both QGC and APLNG. QGC has commissioned its first plant at Gladstone, APLNG is projecting it will export its first LNG in October, and Santos GLNG is set for export in the third quarter of 2015," Dr. Lynham said.

"Exploration is vital to ensure we have a strong resources sector that will continue to make a significant contribution to Queensland’s future economic prosperity," he continued.

Successful tenderers will be granted a petroleum and gas Authority to Prospect exploration permit for a six-year term after meeting environmental, land access and any native title requirements. The Cooper and Eromanga Basins competitive tender will not include a cash component and applicants will be assessed according to their proposed exploration work programs.  The Surat Basin competitive tender for the parcel of land near Condamine will, however, include a cash component because it is highly prospective and close to existing coal seam gas production leases.

The closing date for tenders is October 8, 2015. For more information, click here.

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