Queensland stands to benefit from the development of a gas action plan that encourages new exploration and development for the domestic and export markets.
State Development and Natural Resources and Mines Minister Anthony Lynham said that a new Queensland Gas Supply and Demand Action Plan would be released early next year.
Commenting on the action plan, APPEA Chief Operating Officer, Eastern Australia Paul Fennelly said it 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,” Fennelly said.
He 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. That means continuing to reject unworkable intervention policies, such as domestic gas reservation, that will deter investment and create adverse economic outcomes in the longer term.
Fennelly said the investment of more than $70 billion worth of new gas infrastructure in Queensland since 2010 would help Australia become the world’s leading liquefied natural gas exporter in the next few years.
He expects Queensland to further grow the industry and attract investment due to forecasts of growing global gas demand but notes that the policy settings need to be right.
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