THE Queensland Resources Council (QRC) has welcomed the release of the Annual Exploration Program for 2017-18, which includes more than 19,000 square kilometres for gas, minerals and coal exploration.
Chief Executive Ian Macfarlane said Queensland is continuing to lead the way in responsibly developing the resources sector.
“The economics of supply and demand are simple, if demand for gas is strong you need to increase supply to put downward pressure on prices. Queensland’s latest exploration program includes almost 18,000 square kilometres for gas and petroleum exploration, which builds on the state’s advanced gas industry,” Mr Macfarlane said.
“New South Wales and Victoria must follow in the footsteps of Queensland and work with industry to responsibly develop their own gas reserves. Both states were quick to claim that they supported the recommendations of Chief Scientist Alan Finkel’s report, but they have overlooked the recommendation which calls on governments to adopt evidence-based regulatory regimes to manage gas projects.
“We need all state governments to follow the advice of science, not shock jocks and scare campaigns, to underpin the east coast gas market and the jobs that rely on it.”
In total, four gas basins are set for exploration which include the Surat, Bowen, Eromanga and Adavale basins. The exploration program also includes 1100 square kilometers of land for minerals in the North-West Minerals Province and 540 square kilometers of coal in the Bowen and Galilee basins.
“Queensland is home to some of the highest quality coking and thermal coal in the world and over the last four years we’ve set new export records. In the state’s North West there is potential to unearth significant amounts of copper, zinc and gold which are the minerals used in new technologies including batteries, mobile phones and solar panels,” Mr Macfarlane said.
Queensland Exploration Council (QEC) Chair Brad John said investors from around the world would be interested in these new Queensland exploration opportunities.
“There’s nothing like greenfield land releases of premium coal and gas provinces and the world class North West Minerals Province to catch the attention of investors, geologists and explorers,” Mr John said.
In 2015/16 Queensland coal, gas and metal industries contributed $55.7 billion to the state’s economy, supported more than 275,000 jobs and paid $2.2 billion in royalties.