Page 10 - AsianOil Week 38 2021

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Australia unveils next step

in “gas-fired recovery”

The government has announced a strategic development plan
for two Queensland basins that includes funding for new wells

COMMENTARY THE Australian government has formalised its to be delivered under the government’s Strate-
plans to provide development backing for two gic Basins Plan Program,” Pitt said. “The North
Queensland basins in its ongoing bid to orches- Bowen and Galilee basins are estimated to hold
WHAT: trate a “gas-fired recovery” from the coronavirus enough gas to meet Australia’s East Coast needs
Canberra has thrown (COVID-19) driven recession. for over a decade. The new plan will support
its weight behind new Minister for Resources and Water Keith Pitt industry to overcome the specific challenges of
developments in the said on September 23 that his department had developing these resources.”
North Bowen and Galilee picked the North Bowen and Galilee basins to The official added that the strategic plan sup-
basins. join the Strategic Basins Plan Program. ports the government’s agenda for a gas-fired
Australian Prime Minister Scott Morrison recovery, and would “help deliver affordable gas
WHY: announced in September 2020 that his govern- for Australian industries and households.”
The basins are estimated ment intended to roll out a number of measures The North Bowen and Galilee Basin Strate-
to hold enough gas to to get more gas to market, thereby bringing the gic Basin Plan includes AUD15.7mn ($11.4mn)
meet East Coast demand cost of supply down for domestic consumers. of funding over the next year for gas field trials
for more than a decade. Chief amongst these was the goal of unlocking – including drilling programmes – to establish
five key basins, with the Northern Territory’s cost-effective gas flows across four sites within
WHAT NEXT: Beetaloo Sub-basin and North Bowen and Gal- the basins. Moreover, the federal and Queens-
The government’s ilee highlighted. land governments have agreed to a AUD5mn
financial support for After officially launching the AUD224mn ($3.6mn) co-commitment to establish over the
exploration drilling in ($163mn) Beetaloo Strategic Basin Plan in Janu- next two years an optimal route and capacity for
the Beetaloo is being ary, the announcement this week of the launch of a a possible future gas pipeline.
challenged in court. Queensland development programme marks the Geoscience Australia and the CSIRO will
next step in Canberra’ long-term upstream agenda. receive AUD14mn ($10.2mn) to establish
environmental evidence to support regulatory
Next step processes across strategic basins. CSIRO, mean-
Pitt said unlocking the North Bowen and Gali- while, will receive an additional AUD13.7mn
lee’s gas resources would “turbocharge” the state’s ($10mn) to continue researching these basins
economic development. and others across the country.
“The plan supports industry to develop the The government also intends to provide
region’s major gas resources and is the second more than AUD370mn ($269mn) in funding

P10 www. NEWSBASE .com Week 38 24•September•2021