Following the release of an ABARES report on Australian Energy, Resources and Energy minister Martin Ferguson stated that it was an exciting time for coal seam gas.
The report entitled Energy in Australia 2011 highlights Australia’s current position as an energy exporter and the future of oil and gas in the country.
It stated that Australia is currently the world’s ninth largest energy producer, accounting for 2.4% of global production, and has invested heavily in energy R&D to the tune of $2.9 billion in 2008/09, an increase from $2.1 billion in 2006/07.
“There is no question that Australia needs substantial investment in energy – for energy security, prosperity and in order to make the transition to a lower-carbon economy,” Ferguson said.
He added that “Australia is well placed as one of only three net energy exporting OECD countries to meet global demand.”
Ferguson went on to say that report allows the country to take stock of the current energy situation and gain a better of existing and future trends.
“It is a particularly exciting time for Australia’s gas industry. Within five years we expect to climb further up the list of global suppliers to second behind Qatar, with exports exceeding 50 million tonnes per annum.
“In coal seam gas alone, we have seen projects with a capital value of $31 billion approved by investors in the last six months with further potential projects on the horizon.”