Australian gas potential clear: report
GEOSCIENCE Australia and the Australian Bureau of Agricultural and Resource Economics have compiled for the first time a comprehensive report on Australia’s identified and potential energy resources.
Resources and Energy Minister Martin Ferguson, who launched the Australian Energy Resource Assessment, said the two big findings were the extraordinary potential of coal seam gas and unconventional gas resources.
The AERA report found that while conventional gas was Australia’s third-largest energy resource, CSG resources and production had grown strongly and were playing an increasingly important role in eastern gas markets.
It noted current identified CSG resources of more than 42 trillion cubic feet of gas were likely to grow further.
The report added Australia’s primary energy consumption was expected to increase by 1.4% a year out to 2029-30 while the primary fuel mix was expected to change, with the share of coal declining to 23% while gas increases to 33%.
The nation’s energy exports are also projected to continue growing to 2030 to meet global demand.
“The assessment defines the energy challenge. It shows our coal and gas resources can support energy demand for many decades to come,” Ferguson said.
“But, with almost every sector of the Australian economy dependent on oil as the major transport fuel, this dependence is likely to increase if we don’t find more oil resources or alternatives.”
The minister added the assessment was a national prospectus for energy investment and exports.
“If we get the settings right, Australia can not only secure its own energy future, but become the premier supplier of energy resources in the Asia Pacific region,” he said.
The Australian Petroleum Production & Exploration Association said the report was a powerful addition to the information base that underpins the understanding of Australia’s oil and gas reserves and resources.
APPEA chief executive Belinda Robinson said that by providing greater clarity around the immense size of Australia’s gas resources and the challenges facing the country as its oil resources diminish, the report will make a critical contribution to informed energy decision-making and policy development.
“The AERA report comprehensively puts to rest any concerns about whether Australia has enough energy, including gas, to satisfy a growing domestic energy market at the same time as taking full advantage of the export opportunities for liquefied natural gas.”
She added it demonstrated Australians could use natural gas in their businesses and homes while reaping the benefits of employment and economic growth flowing from export projects.
However, meeting Australia’s decline in crude oil production would be impossible without major new discoveries being made in untested, deep water basins.
“Continued funding for precompetitive geoscience information to enable a better understanding of Australia’s prospectivity for hydrocarbon resources, combined with a fiscal regime that encourages exploration in high-cost, high-risk frontier areas are the keys to un-locking the mysteries of Australia’s vast unexplored sedimentary basins,” Robinson said.
“The AERA report points to a bright future for the industry. Currently there are over $200 billion worth of projects on the drawing boards.
“Getting these projects off the drawing boards and into construction can create up to 55,000 new jobs in Australia over the next 10 to 15 years.
“To ensure the potential energy and economic benefits of our industry are realised we must put in place policy settings that encourage new discoveries and development of large-scale projects.”
Tuesday, 2 March 2010
PNN
PNN
APPEA blasts extension of NSW fraccing ban
