Gas action plan to boost jobs and investment in Queensland

Queensland Development and Natural Resources and Mines Minister Dr Anthony Lynham.

Queensland Development and Natural Resources and Mines Minister Dr Anthony Lynham.

A new gas plan will aim to encourage new exploration and development, boosting jobs and investment.

The Queensland Government has released the terms of reference for the Queensland Gas Supply and Demand Action Plan, due to be completed early next year, ahead of consultation on an issues paper due out later this year.

Maximise exploration opportunities

“This action plan will be an overarching strategy to maximise exploration, drive development, keep gas costs down and get maximum economic and job benefit for Queensland,” Queensland Development and Natural Resources and Mines Minister Dr Anthony Lynham said.

“The eastern Australian gas market is undergoing a period of rapid growth and structural transformation following the commencement of gas exports to the Asia-Pacific market.

Terms of reference for the gas action plan focus on characterising the Queensland gas sector, identifying barriers to achieving least cost supply, ensuring that markets have transparent market mechanisms, and ensuring that the state capitalises on all possible demand opportunities both domestically and internationally.

Potential to deliver major benefits for the state

APPEA Chief Operating Officer – Eastern Australia Paul Fennelly said the plan would be a winner for Queensland if it encouraged the ongoing growth of an industry that was already delivering major benefits for the State.

“With commitment and determination we can achieve the right policy settings to ensure the natural gas industry continues to power the Queensland economy for decades to come,” Mr Fennelly said.

Mr Fennelly added that it is essential that the plan focus on policies that will substantially enhance the industry’s global competitiveness and encourage investment in new exploration and production.

Queensland’s petroleum and gas industry supported almost 145,000 jobs directly and indirectly last year and has production worth $A1.9 billion. The industry is forecast to generate $A411 million in royalties for Queensland in 2015–16.

For more information on the gas action plan, click here.

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