Queensland unveils A$21mn grants programme to unlock new gas reserves
The Queensland government on November 8 unveiled a new A$21mn ($13.5mn) grants programme to incentivise the exploration and development of untapped gas reserves in the Bowen and Galilee basins.
This initiative, dubbed the Frontier Gas Grants Programme, aims to accelerate the identification and extraction of new gas resources, ensuring a reliable and affordable gas supply for Queensland and the broader eastern coast of Australia. The programme will provide financial assistance to companies seeking to explore and develop these untapped reserves.
"As we drive our clean energy transformation, we’re determined to continue to make the most of our gas reserves that are so vital to Australia’s heavy industries and the jobs they support," said Cameron Dick, Queensland's treasurer and minister for trade and investment. “These natural advantages and our commitment to supporting new investment make Queensland the growth engine of the country.”
Applications for the Frontier Gas Grants Programme are now open and will close on January 31, 2024.
Australia's peak oil and gas industry body Australian Energy Producers said that said the opening of the programme to applications would help inject millions of dollars of exploration investment into regional communities around the Bowen and Galilee basins.
“Queensland understands how to extract the benefits of gas on the path to net zero, with exploration for gas to uncover the state’s abundant supplies delivering millions of dollars of investment into regions," said Australian Energy Producers Queensland director Keld Knudsen.
Knudsen said the attitude towards new gas supply from Queensland contrasted with the policies of southern states Victoria and New South Wales where onshore bans and regulatory uncertainty remain.
“Queensland is reaping the benefits of producing gas while the southern states dither and neglect the national interest and shared responsibility all jurisdictions should exhibit to ensure energy supply,” he said.