Senex is investing more than $1 billion in Queensland, which will deliver a significant boost to domestic natural gas supply and improve energy security for Australia.
The Australian Petroleum Production and Exploration Association (APPEA) welcomed Senex’s major expansions of its Atlas and Roma North natural gas developments in QLD’s Surat Basin, lifting natural gas production to 60 petajoules (PJ) per year.
APPEA acting CEO Damian Dwyer said that this massive investment will help to secure Australia’s energy future and ensure local natural gas keeps flowing to manufacturers, homes and businesses.
The major investment facilities work to start in coming weeks before delivering expected first gas to supply the domestic market within two years.
“To put the magnitude of this investment into context, 60 PJ per year is equivalent to the electricity used by more than 2.7 million homes each year,” Dwyer said.
“Recent pressures on the energy system showcase the need for more investment such as this by Senex to ensure the supply and investment required for Australia’s energy security.”
“More secure, reliable and affordable natural gas supply has never been more critical following recent major coal-fired generations outages and coal supply chain challenges, renewable generation not stepping up and immense pressures on the global energy market due to the Russian invasion of the Ukraine.”
Dwyer said this underscores that the industry has, and always will, respond to concerns around energy sexuality and further highlight the critical importance of developing new gas resources.
This accelerated response by the oil and gas industry confirms the growth and opportunities in the sector and highlights gas will play a key role for a long time to come.
Senex’s increased natura gas production to 60 PJ per year also represents 10 per cent of annual east coast domestic gas consumption – approximately 40 per cent of QLD’s domestic gas consumption.
“Senex is to be congratulated for this $1 billion vote of confidence in the future of natural gas that will develop more supply, more security and more jobs,” said Dwyer.
More than 200 jobs during construction and another 50 permanent roles will be created as a result of the investment, with more than $200 million injected into local businesses and regional areas.
Dwyer added that supportive investment settings to position Australia more competitively in global markets would open the significant opportunities for further industry investments.
“It brings home how critical the right investment policy settings are as Australia continues its journey to a cleaner energy future, underpinning high-quality jobs and the energy security required for our nation’s future,” said Dwyer.
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