$21 million in funding is available through the Frontier Gas grants program for companies looking to explore and unlock new reserves in the Bowen and Galilee basins and bring Queensland gas to market sooner.
Since 2017, Queensland has released over 20,000 square kilometres of land exclusively for domestic supply.
“As we drive our clean energy transformation, we’re determined to continue to make the most of our gas reserves that are so vital to Australia’s heavy industries and the jobs they support,” Treasurer and Minister for Trade and Investment Cameron Dick said.
“These natural advantages and our commitment to supporting new investment make Queensland the growth engine of the country.”
Queensland produces around one third of Australia’s domestic supply, and this share will continue to increase as southern reserves decline.
“Last financial year, the gas sector generated $2.3 billion in royalties, which are being reinvested to deliver critical local infrastructure including schools, hospitals and ports,” Minister for Resources Scott Stewart said.
“While the southern states have imposed restrictions and moratoriums on the development of their onshore gas resources, Queensland continues to do the heavy lifting in the east coast gas market.
“The Frontier Gas Grants will provide industry the investment certainty it needs to develop the Bowen and Galilee Basins, helping to ensure Queensland’s gas supply remains reliable and affordable in the years to come.”
Gas will continue to play an important role in underpinning the reliability of the electricity market as Queensland works towards a 70 per cent renewable energy target by 2032.
Applications for the Frontier Gas Grants close on 31 January 2024.