South East Queensland coal seam gas (CSG) reserves could become as valuable to the state as oil is to the Middle East, Queensland Minister for Natural Resources, Mines and Energy Stephen Robertson has said.
Mr Robertson said Queensland’s CSG stores are “virtually inexhaustible” and will provide a boost to the rest of the country.
CSG supplies approximately 70 per cent of the gas market in Queensland. From the 2006–07 year production of CSG grew from 86 petajoules (PJ) to 125 PJ in 2007–08.
In addition, international interest in Queensland CSG reserves has been phenomenal over the past year, with major overseas companies acquiring interests in east coast CSG to LNG projects.