Queensland Opens 9 New Gas Development Zones to Tackle Soaring Energy Prices
Queensland has revealed that from May 29, it will accept tenders for proposals to develop nine new gas exploration areas across the Cooper/Eromanga and Bowen/Surat Basins, aiming to boost domestic supply and ease energy prices.
The announcement comes as the recently elected Crisafulli Liberal National Party (LNP) government shifts away from renewable energy projects, towards more traditional energy investment.
'The best way to bring down energy prices is to have more energy in the market, and that starts with exploration,' Natural Resources Minister Dale Last said in a statement. 'These steps are about unlocking new supply, securing an investment pipeline and getting the right policy settings in place.'
The government confirmed that none of the newly released areas will intersect with the Lake Eyre Basin Strategic Environmental Area.
The upcoming review will examine every stage—from expressions of interest to competitive tenders—to ensure that environmental, agricultural and community values are respected.
Deputy Premier Jarrod Bleijie (L) and Premier David Crisafulli arrive to talk to media after being sworn in at Government House in Brisbane, Australia, on Oct. 28, 2024.
AAP Image/Jono Searle
The move is also a major economic lever.
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Queensland's gas royalties have averaged $1.7 billion annually over the past three years, supporting nearly 6,000 direct jobs and thousands more across the supply chain.
LNG is now the state's second-largest export after coal, with 1,550 petajoules of coal seam gas produced for domestic and international markets in 2024 alone.
Minister Last criticised anti-gas policies in other states, particularly Victoria, for putting the east coast market under pressure.
'Unscientific decisions made by the southern states have left Queensland carrying the load,' he said. 'We need a regulatory framework that supports new development instead of holding it back.'
Despite Victoria being one of the heaviest gas users in the country due to its colder winters, the previous Andrews Labor government maintained a strict ban on gas exploration and development to appease climate advocates.
Australian Energy Producers CEO Samantha McCulloch called it a vital step in securing future gas supply for households and industry.
McCulloch also praised Queensland for 'doing the heavy lifting' to ensure a reliable supply to the east coast.
Report Warns of Australia's Waning Investment Appeal
The announcement came just a day after energy consultancy Wood Mackenzie released a stark report warning that Australia is losing ground in global gas investment.
Australia's Natural Gas Investment Competitiveness found that while global gas exploration spending rose nearly 30 percent over the past five years, Australia's grew by only 15 percent.
The report also found that 95 percent of surveyed gas executives believe Australia is a less attractive investment destination than it was five years ago.
The analysis included a CEO sentiment survey of Australian gas producers.
Regulatory and policy uncertainty were cited as key deterrents, with one in five projects impacted either cancelled or relocated overseas.
Australia's share in the investment portfolios of major international oil companies has plunged from 40 percent a decade ago to just 15 percent today.
McCulloch said the findings underscore the need for stable, bipartisan policy.
'The new political landscape presents opportunities for industry to work with the government and opposition on enduring reforms for long-term energy security and economic growth,' she said.
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