Business

Premier wants rapid growth of LNG industry across state

MORE! The Premier wants to see rapid expansion of the coal seam and liquefied natural gas industry across the state, including in Gladstone.

Shrugging off comments from conservation groups saying a fourth LNG project shouldn't be allowed on Curtis Island and "enough is enough", Campbell Newman was practically shouting from the top of the island's GLNG site that Queensland is "open for business".

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He said he supported the concept of a free market to grow trade and exploration, while his government's GasFields Commission had succeeded in forging positive agreements between the farming and mining industries, which encouraged the release of Arrow's CSG supply.

Part-owners of the $10billion Arrow LNG plant, Shell, told media and investors earlier this year it was unlikely to approve the development this year, but it remains in the pipeline.

Campbell Newman said although it is an investment decision for Arrow, "this is an industrial city and Gladstone is an industrial port...we would love Arrow to proceed".

"Arrow have had greater challenges going into higher-valued farming areas but I was pleased to hear... there is an agreement being reached between some of the fiercest opposers in the (Darling) Downs and Arrow Energy."

IMPROVING: The Premier believes CSG relationships are improving – a positive for Arrow.
IMPROVING: The Premier believes CSG relationships are improving – a positive for Arrow. Kevin Farmer

He said more projects such as those on Curtis Island could see exports going across the globe for years.

"There is a dollar in these projects for all Queenslanders and the royalties will be powering Queensland for many decades," he said.

Mr Newman said his government would not restrict export for domestic consumption, to encourage investors to spend more.

"We don't restrict the export of cheese or wine or any other commodity, we shouldn't be doing that with gas," he said.

Agreeing, Santos CEO David Knox said the key was to unlock Australia's resources and deliver into the markets.

"By increasing supply we will keep gas prices under control and we'll be able to drive both the export industry, but also the domestic industry and so manufacturing in this country," he said.

Santos contracts

The combined value of the offtake agreements is estimated at more than $120 billion.

Kogas

  •  3.5 million tonnes/year of LNG for 15 years

Petronas

  •  3.5 million tonnes/year for 20 years

Topics:  arrow energy, campbell newman, gladstone, liquefied natural gas, queensland, santos, shell




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