Australia’s Queensland will release almost 18,000 square km for exploration for gas to power local manufacturing and generate LNG royalties.
Natural resources and mines minister, Anthony Lynham unveiled the state’s Annual Exploration Program for 2017-18 on Wednesday, which includes thousands of square kilometers for gas.
“With almost 18,000 km2 petroleum and gas exploration, this is good news for the local manufacturing and electricity consumers as more gas supply means, downward pressure on energy prices,” Lnyham said.
The annual exploration program sets out the program of competitive tenders for the coming year.
Lynham said that two sets of competitive tenders would be called, for petroleum and gas and minerals in the current quarter and for coal in April-June 2018.
The acreage released for gas exploration is located in the Surat, Bowen, Eromanga and Adavale basins.
“The solution to gas shortages is more gas and Queensland continues to do the heavy lifting on supply and policy initiatives, like our pilot of land for the domestic market only,” He adds.