Shale Gas Could Double Australia's Total Gas Reserves

Australia’s reserves of natural gas may double in size if exploration of shale gas is successful, Minister for Energy and Resources Martin Ferguson said. Country’s natural gas reserves currently stand at 390 trillion cubic feet.

A report by government body Geoscience Australia says that the country is likely to have shale gas resources, which are mainly located in central Australia.

Many energy firms have begun drilling for shale gas in South Australia and Queensland.  Queensland has seen a boom in coal seam gas industry, another form of unconventional natural gas. Coal seam gas industry in the state has seen billions of dollars in investment.

Australia has already become an important player in global energy market and currently stands as world’s fourth biggest export of liquefied natural gas. Experts believe the country may surpass Qatar as world’s largest exporter of LNG by end of the decade.

Reports suggest that more than $175 billion is being invested in new LNG projects in Australia to cater to demands of emerging energy consumers in Asia like China and India.