Media release: Faster approvals critical to realising Queensland’s Taroom Trough opportunity

The Queensland Government’s welcome plan to unlock the Taroom Trough represents a significant opportunity to strengthen Australia’s fuel security and economic resilience.

Australian Energy Producers Chief Executive Samantha McCulloch said the Taroom Trough has long been recognised by industry as a highly prospective basin with the potential to play a major role in Australia’s energy future.

“The Taroom Trough is an exciting opportunity for Queensland and Australia — a significant oil resource that could bolster our fuel security and help to reduce reliance on imports,” Ms McCulloch said.

“The industry has long recognised the potential of the Taroom region, and the Queensland Government’s Taroom Trough Development Plan is an important step in encouraging exploration and investment.”

Ms McCulloch said the focus must now shift to ensuring projects can proceed without unnecessary delay.

“Faster, more efficient approvals and stronger policy settings will be critical to unlocking Taroom and similar basins,” she said.

“We need all levels of government working together to fix the approvals system. Carving oil and gas projects out of streamlined reforms under the EPBC was a missed opportunity, and it makes even less sense now given the impacts of the global energy crisis.

“There is a significant opportunity not just in Taroom, but across Australia — but it will only be realised with the right policy settings and investment certainty to bring new supply online.

“That means encouraging exploration, delivering much faster approvals, and addressing activism and lawfare that is delaying critical energy projects.

“Australia has substantial undeveloped oil resources, and developing them is key to strengthening fuel security, supporting regional jobs and helping shield Australians from future global energy shocks.”