Queensland Government announces gas action plan
THE Queensland Government has announced it will develop a Gas Supply and Demand Action Plan in the next 12 months aimed at promoting growth and jobs in the industry.
Minister for State Development and Natural Resources and Mines Dr Anthony Lynham said today the plan would reinforce Queensland's leading status for on-shore gas supply, market development and demand issues.
"The eastern Australian gas market is undergoing a period of rapid growth and structural transformation following the commencement of gas exports to the Asia-Pacific market," Dr Lynham said.
"Our Gas Action Plan will aim to stimulate increased gas supply, optimise the economic recovery of gas resources, and leverage and build on the Commonwealth Government's various gas and energy initiatives."
Dr Lynham said Asian demand was strong and Australia could be the world's leading LNG exporter by 2020 while domestic demand would also grow by 16.5% a year.
"The Action Plan will examine the full spectrum of gas demand, business and employment opportunities in Queensland beyond what's already happening or in the pipeline with liquefied natural gas production at Gladstone," he said.
The terms of reference involve:
- characterising the Queensland gas sector
- identifying barriers to achieving least cost supply
- ensuring that markets have transparent market mechanisms
- ensuring Queensland capitalises on all possible demand opportunities both domestically and internationally.
An issues paper will be released for consultation later this year with the final plan expected in the first quarter of 2016.