The Federal Government will finalise new offshore exploration permits for gas supply to support Australia’s transition to net zero emissions.
The Minister for Resources and Northern Australia Madeleine King announced permits will be finalised for Esso and Beach Energy in the Otway and Sorrell Basins.
Exploration permits will also be finalised for Chevron, INPEX, Melbana and Woodside Energy on Australia’s west coast. Ten permits will also be finalised for carbon capture and storage exploration.
“As ageing coal generation comes offline in coming years, gas will continue to be needed to firm renewable energy generation and as a backup during peak energy use periods,” Minister King said.
“Gas is critical for the transition. But it will be a diminishing proportion of our energy mix to 2050 as other storage technologies come online.”
The peak body for Australia’s oil and gas sector, Australian Energy Producers (AEP), welcomed the announcement.
“The Future Gas Strategy made clear that natural gas will remain a critical part of Australia’s energy and net zero transformation, to 2050 and beyond,” AEP chief executive Samantha McCulloch said.
“Exploration is an essential part of this – as the first step in delivering the natural gas Australia needs to power industry, back up renewables and fast-track the phase out of coal.”
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