The Queensland Resources Council (QRC) has welcomed Senex’s announcement that it will deliver a $1 billion expansion of its natural gas projects in the Surat Basin.
The expansion of Senex’s Atlas and Roma North projects is set to significantly increase the amount of gas delivered to Australian customers on the East Coast, with the bulk of capital being spent on gas infrastructure and wells in western Queensland, over the next two years.
This investment is expected to provide a $200 million boost to regional businesses and local communities, as well as over 200 construction jobs and 50 permanent roles.
QRC Chief Executive, Ian Macfarlane, said that once the expansion of the Atlas and Roma North projects was complete, Senex would be in a position to deliver a total of 60PJ of gas each year to support demand from the East Coast market.
“Today’s announcement by Senex underlines the importance of investment in new projects that can deliver the gas the East Coast needs to support manufacturing and other types of industry,” Mr Macfarlane said.
“The most effective way to ensure gas consumers have access to affordable and reliable energy to power industry, is to increase investments in gas supply and new projects.
“It is reassuring to see investors in Queensland gas projects continue to take the lead on new projects that underpin energy security for Australia.
“Gas will be increasingly important for Australia and our trading partners, as economies make the transition to lower emissions activities and work towards net zero emissions goals.
“This expansion by Senex demonstrates the best path forward to shoring up Australia’s energy security and will be welcomed by the market.”
Mr Macfarlane said it was more important than ever that investors have the confidence to make significant investments in resources and energy projects.
“A stable regulatory and royalty regime is essential to providing companies with the confidence to invest significant capital towards new projects,” Mr Macfarlane said.
“No state should be complacent that investments in resources and energy projects of this scale will go ahead without a steady and reliable regulatory framework, on which companies can base long-term investment decisions.”
