Gov’t to invest in future gas prospects off Southern Australia
As part of the $90 million investment in domestic gas security and supply, the Australian Government will complete a study of offshore gas basins in Southern Australia.
The study of the Gippsland, Otway, Bass, and Sorell Basins will look into the prospects for future supplies of gas to supply the South East Australia domestic gas market.
Announcing the study on Friday, Minister for Resources and Northern Australia, Senator Matt Canavan said: “Australian jobs and Australian industry have been built up around the plentiful supply of affordable and reliable gas on the East Coast.
“To ensure Australia continues to make the most of our vast gas resources, it’s essential that we support ongoing exploration and development.”
The Australian Government will work with the Victorian and Tasmanian Governments on the Offshore South East Australia Future Gas Supply study. The National Offshore Petroleum Titles Administrator (NOPTA) and Geoscience Australia will provide expert advice.
The study focuses on developing a better understanding of the volumes of gas available in this highly productive area and will seek to identify opportunities to maximize sustainable gas recovery.
“This study is one of a range of steps the Australian Government is taking to ensure gas security, reliability, and affordability,” Minister Canavan added.
“The Government is introducing the Australian Domestic Gas Security Mechanism as a safeguard to ensure Australian gas users have access to gas at a reasonable price, while at the same time we can continue our leading role in the global LNG export market.
“However, the best way to ensure a reliable and affordable supply of gas for the domestic market is to develop new gas reserves. In this year’s budget, we allocated more than $90 million across a range of programs focused on developing new gas supplies. It will support projects with the capability of delivering gas to the East Coast market within the next three years.”