News

LNG up to the task of taking on international competition

The QCLNG project on Gladstone's Curtis Island.
The QCLNG project on Gladstone's Curtis Island. QGC

AUSTRALIA'S LNG projects will be able to handle increased competition in the international market, former resources minister Martin Ferguson told a conference in Adelaide on Wednesday.

Mr Ferguson, who has been appointed chairman of the Australian Petroleum Production and Exploration Association advisory board, said this was no time for pessimism about Australia's prospects.

Speaking at the APPEA's Onshore Gas Conference, he said Australia had good resources and a strong track record.

"All we need is the will to address our disadvantages. We must learn from past experience - from successes and mistakes."

Mr Ferguson said the potential to safely and sustainably develop gas resources while securing significant economic benefits remained enormous.

On the challenges facing the industry, he said relationships must be built between policymakers, industry and the community that helped secure affordable supplies of gas to meet the needs of local and international markets.

"As onshore gas operations expand, industry and government must engage our communities and bring them with us," he said.

"Both industry and government have important obligations. Industry must commit to establishing and maintaining social licence.

"Governments must commit to strong and transparent regulation based on science and rationalised approvals processes that deliver good environmental outcomes.

"Only by doing both can we sideline opponents and ideologues and increase the industry's competitiveness."

Mr Ferguson said the country couldn't afford to have regulation guided by "activism and media campaigns by vocal minorities", and implored politicians to "rise above sectorial self-interest and populist concerns to allow gas operations to proceed and the gas market to work for the benefit of households and businesses".

He said the Queensland experience showed what could be achieved, with LNG exports from Gladstone set to start next year, leading to annual east coast demand tripling by 2017.

The former resources minister rejected calls to reserve gas for domestic use, saying such a policy would entail a rejection of markets in energy policy in favour of the subsidy of particular businesses.

"Holding down prices for domestic manufacturers won't assist with supply," Mr Ferguson said.

"Gas reservation policies are not the cure-all for a great supply of gas into the market because they are a disincentive to investment."

International outlook

The most recent World Energy Outlook said North America was at the forefront of a "sweeping transformation in oil and gas production that will affect all regions of the world".

Massive new gas deposits have also been found off the coast of East Africa. Explorers have labelled new resources in Mozambique as being the century's largest natural gas finds.

These fields are expected to yield more than 100 trillion cubic feet of gas resources. One trillion cubic feet is enough to power a city of one million people for 20 years.

Tanzania's natural gas industry also looks set to take off. Companies are planning LNG projects after discovering about seven trillion cubic feet of gas.

The support of the Tanzanian and Mozambique governments and low ground costs could see the first LNG exports from the region as soon as 2018.

Topics:  curtis island gas lng martin ferguson resources



Foodies' scavenger hunt: are you up for it?

IF YOU want to give your tastebuds the flavour sensations of a lifetime, here is the ultimate foodie’s scavenger hunt through Brisbane.

5 minutes with Israel Folau on footy, life and love

Israel Folau and Silver Fern netballer Maria Tutaia announced their engagement last last year.

WE CAUGHT up with football star and Brisbane ex-pat Israel Folau.

10 reasons to head to South Bank this summer

Head to the only inner-city beach in Australia!

South Bank has a ridiculous amount of fun things to do.

Five mammoth events you need in your life

No Caption

BRISBANE isn’t known for doing things by halves…

How to make your child's every dream come true...

Take a dip at South Bank in the inner-city beach.

‘I DON’T want to do fun things, Mum and Dad’… said no child ever!

How to do Eat Street the right way

Know where to start and where to end to avoid a huge food coma before you get to experience all the goodies!

EVERY Friday and Saturday night, Hamilton comes alive.

You can do WHAT in Brisbane?!

Talk about arriving in style! Take your pub crawl to the next level with a helicopter!

BET you didn't know you could do these things in Brisbane...

Heatwave drove up electricity spot price, energy company claims

Boyne Smelters general manager operations Joe Rea announced job cuts due to increased power prices.

National Electricity Market working as designed

NEW FIGURES: Thousands on the hunt for more work in region

New figures reveal how many people were unemployed last month.

'Game changer': Gladstone businesses take in $600k from job package

Glenn Butcher MP.

Gladstone businesses sign up for work package boost.

Local Partners

WATCH: Relive Barnsey's rocking Gladstone show

JIMMY Barnes came and delivered for Gladstone music fans on Saturday night.


New Year New Yard

Win $1000 Bunnings Voucher
Learn More

Puppetry of the Penis secrets revealed ahead of show

The famed Puppetry of the Penis is coming to the Sunshine Coast for shows in Noosa and Caloundra.

WARNING: This interview contains adult themes and traces of nuts

Noll meltdown won't affect Gympie Oz Day concert

Shannon Noll

Photo Contributed

Shannon Noll is still expected to perform in Gympie next Thursday

11 huge events coming to Gladstone in the next 6 months

Events coming up in Gladstone in 2017.

Your guide to exciting events coming to the Gladstone region

Jennifer Aniston wants to return to TV

Jennifer Aniston is desperate to make a return to TV

Madonna hopes for election unity

Madonna hopes Donald Trump's election will "bring people together"

JK Rowling rules out Cursed Child trilogy

JK Rowling has ruled out a 'Cursed Child' movie trilogy

Buckley's chance in psychological thriller

James McAvoy and Betty Buckley in a scene from the movie Split.

Broadway veteran back on big screen with James McAvoy

Daniel MacPherson: acting’s a bit like channel surfing

Australian actor Daniel MacPherson in a scene from the American TV series APB.

THE Aussie export talks about making his mark in the US.

Shopping isn't fun if you can see dead people

Lisa Marie Woodham will be giving readings in Gladstone until Saturday January 21.

Shopping isn't fun if you can see dead people

By the water's edge

Secure your seachange

Gladstone market's confidence coming back for 2017

Core Logic property statistics reveal the region's median house price dropped 16.7% to $275,000 in the September quarter.

Region's median house price drops 16.7% to $275,000

HOT PROPERTY: Money to spend on land, buildings

File picture.

Sale, leasing of industrial real estate picks up in Mackay

Collapsed Coast company could owe up to $5 million

Staff, ATO, landlords among those out of pocket.

Ipswich block of dirt sells for $582 a square metre

JUST SOLD: A property on the Brookwater golf course sold for a record-breaking $612,000.

Property smashed 2007 record by close to $100,000

Ready to SELL your property?

Post Your Ad Here!