10 May 2024

Oil and gas industry welcomes Queensland’s energy security commitment

Australia’s oil and gas industry welcomes today’s announcement by the Queensland Government to invest in energy security, with $21 million to support the fast-tracking of four new gas projects in the Bowen Basin.

The New Frontier Gas Exploration Program is important to secure the new gas supply that keeps the lights on for Queenslanders, while deliver more wide-ranging benefits across communities.

“The funding will boost the already 30,000 jobs along the supply chain in Queensland, and the billions of dollars spent with thousands of local Queensland suppliers and contractors,” Australian Energy Producers Queensland Director Keld Knudsen said.

The timely announcement follows yesterday’s release of the Federal Government’s Future Gas Strategy.

“In the same week the Future Gas Strategy recognises the critical role of natural gas for Australia’s energy security in a net zero economy to 2050 and beyond – and that continued investment in new gas supply is needed – we welcome the Queensland Government’s support for the gas sector,” Mr Knudsen said.

“This investment demonstrates leadership and understanding of the key role gas will play in the energy mix to provide reliable and affordable energy to homes and businesses and drive domestic manufacturing to 2050 and beyond.”

“We encourage the Queensland Government to build on the program and expand this important initiative, making it permanent across the state to stimulate additional investment and encourage new gas supply in other regions.”

Mr Knudsen said the funding will drive innovation in exploration technologies, tapping into the sector’s innovation and expertise, ultimately bringing more Queensland gas to market.

“This underscores the state’s dedication to meeting current and future energy demands sustainably and responsibly,” he said.