Queensland Energy Resources operations manager Chris Anderson, Environment Minister Andrew Powell, Resources and Mines Minister Andrew Cripps and QER operations superintendent Ray Pascoe at QER's demonstration plant last year.
Queensland Energy Resources operations manager Chris Anderson, Environment Minister Andrew Powell, Resources and Mines Minister Andrew Cripps and QER operations superintendent Ray Pascoe at QER's demonstration plant last year.

QER keen to keep resources and develop oil shale project

QUEENSLAND Energy Resources is hoping investors will help progress the development of its oil shale project in Gladstone, with the next step set to cost up to $900 million.

After pumping "many hundreds of millions'' into a pilot project, QER told News Ltd it was not looking to sell its technology or other resources, but wanted investors to progress development of a commercial oil shale project.

The company, owned by America's Ziff brothers, faces tough competition for investment funds from the booming American oil shale developments that have changed the face of the energy industry in the US.

"We are engaging in discussions with potential investors. There have been some informal expressions of interest and people wanting to visit our facility, but it is still early in the process with no definitive outcomes at this time,'' a company spokesman said.

"We know there is competition for capital in the energy sector and that much is being channelled into oil and gas."

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