Bright future for Surat Basin gas industry
THE gas industry is alive and well in the Surat Basin as industry data shows essential reserves in the region.
Head of Consulting at EnergyQuest, Rick Wilkinson, provided Western Downs industry representatives with an overview of the gas industry outlining the role of Surat Basin gas production to the Australian market.
EnergyQuest data shows gas production in the Surat and Bowen Basins is vital to not only Queensland but Australia, with 90 per cent of the gas reserves of Eastern Australia.
Mr Wilkinson said the main take away for local stakeholders was the strong position of the Surat Basin to provide gas to other areas of Australia.
"The region is in a great position to supply gas into eastern Australia and the export markets, I think its history of being able to develop gas and bring it on will hold it in great light for the future,” he said.
"I think generally people in the area should be optimistic that the gas activity and industry is going to be long term.”
Queensland is currently self-sufficient when it comes to supply and demand of gas products, but that is predicted to change as Australia's domestic gas production is not forecast to meet projected demand by 2026.
"That's probably good news for the Western Downs because it means the gas that you've got will become more and more valuable,” Mr Wilkinson said.
"There should be a significant uplift in drilling activity from what you saw 12 months ago at a level or slightly higher than what you currently see for as long as we can predict,” he said.
The data also showed renewable energy sources were replacing gas and having almost no impact on coal.
Despite this, Mr Wilkinson said renewable energy in the region is valuable to economic diversity.
"I think on the broader economic point of view it's a good thing for the region because you're getting diversity into your industries,” he said.
"Diversity in the economy is always a good thing.”