Queensland Pacific Metals boosts reserves at Moranbah gas project in Australia

Sydney-listed Queensland Pacific Metals (QPM) on April 29 announced an increase in its certified reserves at the Moranbah gas project (MGP) in Queensland.

The company reported a 38% jump in its proven and probable (2P) gas reserves, now totaling 331 petajoules (8.8bn m³), compared with the March 2022 estimate of 240 petajoules. The company last week announced a shift towards gas and energy as the core focus of its business.

QPM said that reserves can be rapidly developed to meet eastern Australian gas and electricity market demand.

“With over 200 petajoules of uncontracted gas reserves and a myriad of sales opportunities ahead of us, this is an exciting time for shareholders,” CEO David Wrench commented.

QPM acquired the Moranbah gas project and other assets from the Arrow AGL joint venture. The company will work on the development of a portfolio of new baseload and peaking generation located at the Moranbah facilities. This flexible generation portfolio is intended to use waste coal mine gas and MGP production to supply up to 300MW of power.

The company will also develop CNG and micro-LNG facilities in Moranbah and Townsville to distribute gas to north Queensland energy users.