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Cooper Basin Industry Development Strategy

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Cooper Basin Industry Development Strategy Oate: \ A M em i I Tab e( l)v leave Incorporated, 'cr incorporated. !)v leave at tSic Table: c . Resources Cooper Basin Industry Development Strategy Great state. Great opportunity, ------------------------------------------------------------ Queensland And a plan for the future. Government Contents About the Cooper Basin 2 Developing the Cooper 2 Summary of actions and timeframes 3 Actions in detail 4 1. Attract new Investment 4 2. Support exploration activity 6 3. Consistent regulatory arrangements 7 4. Build trust and confidence 7 5. Support and accelerate development of the Cooper Basin 9 6. Facilitate productive and responsible resource development 10 Government initiatives to deliver growth 11 Further information and contacts 12 CS3578 12/14 This publication has been compiled by Land and Mines Policy, The Department of Natural Resources and Mines. © State of Queensland, 2014. The Queensland Government supports and encourages the dissemination and exchange of its information. The copyright in this publication is licensed under a Creative Commons Attribution 3.0 Australia {CC BY) licence. Under this licence you are tree, without having to seek our permission, to use this publication in accordance with the licence terms. You must keep intact the copyright notice and attribute the State of Queensland as the source of the publication. For more information on this licence, visit http-.//creativecommons.org/licerises/bY/3.o/au/deed.en The information contained herein is subject to change w ithout notice. The Queensland Government shall not be liable for technical or other errors or omissions contained herein. The reader/user accepts all risks and responsibility for losses, damages, costs and other consequences resulting directly or Indirectly from using this information. Cover Image; Cooper Basin Courtesy of Beach Energy Foreword The Queensland Government Developing deep gas and oil resources in the Cooper is committed to growingthis Basin will have long-term economic benefits for state’s four pillar economy and both the region and the state, by leading regional establishing Queensland as development and employment opportunities, a global resources leaderto boosting royalties, and potentially increasing gas support our vision for a vibrant supplies to the Australian Eastern Gas Market. and prosperous state. As part of our strong plan for the future, the The development of onshore Queensland Government has worked closely natural gas and oil—In with industry to develop the ResourcesQ30-year particulardeep gas and oil—is vision and action plan to generate an economically vital to enable this vision. strong, competitive and diverse resources sector. Togetherwith other initiatives including RegionsQ, Queensland has led the way in onshore gas Royalties for the Regions and the Ministerial Advisory development, with $70 billion of investment in Committee on Exploration (MACE) we will power LNG production with gas from the Surat and up our regions and support the development of the Bowen basins. sector to benefit the regions and all Queenslanders. In August this year, I announced the release of the Framework for the next generation of onshore oil and natural gas in Queensland, which included a recommendation to produce a development strategy for the Cooper Basin region. We believe that with the right policy settings, Queensland can repeatthe The Honourable Andrew Cripps MP successes of previous onshore gas developments in Minister for Natural Resources and Mines th e state. 1 Cooper Basin Industry Development Strategy Coo|»er Basin About the Cooper Basin The Cooper Basin is a large (approximately 130,000 km2) and highly prospective sedimentary basin that is Australia’s premier onshore conventional petroleum province. It is located in a remote and sparsely populated region, straddling the borders of south-west Queensland and north-eastern South Australia. In Queensland, the Cooper Basin The Cooper Basin contains vast natural gas and underlies the Barcoo, Bulloo and Quilpie shires, oil resources - 93 trillion cubic feet of recoverable with a combined population of around 1,755. The resources according to recent reports - and is Queensland portion ofthe basin is overlain by the considered one of Australia’s most prospective and Eromanga Basin. commercially viable regions for deep gas and oil development. In addition to existing oil and natural gas extraction, other industries in the region include pastoral The Australian East Coast Gas Market consumes activities, opal mining, geothermal exploration and approximately 650 petajoules of gas per year tourism, with organic beef farming beingthe most domestically. Based on current demand, there is significant local industry. In Queensland, overa potentially around 149 years of gas resource in the third of those employed in the region worked in the Cooper Basin. agriculture, forestry and fishing industry in 2011. With approximately 73 percent ofthe basin located The Cooper Basin underlies areas of significant in Queensland, and several potentially economic environmental value, including the Great Artesian geological formations contained within the basin Basin and catchments flowing into Lake Eyre. In itself, commercial development ofthe Cooper Basin recognition of its environmental values, parts of deep gas and oil resources wilt significantly benefit the Cooper Basin have been declared a strategic industry, the region and the state. environmental area underthe Regional Planning Interests A ct 2014, which allows government to This strategy outlines actions the Queensland manage the impact of resource activities and Government will undertake, in collaboration with regulated activities. the oil and natural gas sector and the community, to help support the development ofthe deep gas and oil industry in the Cooper Basin, so that it benefits local communities and all Queenslanders. Developing the Cooper While the Cooper Basin has significant potential, Enablingthe development ofthe deep gas and oil some major challenges must be overcome to develop industry requires implementation of a strategy that: the emerging deep gas and oil industry. The industry 1. attracts new investment in deep gas and oil is currently in the early exploration stage. Over exploration and associated service industries the next few years significantly more exploration 2. supports innovative and productive exploration is required to better understand the geology and activity whether reserves can be extracted in a cost effective manner. Building a competitive oilfield services 3. provides consistent regulatory arrangements industry and new oil and gas infrastructure are 4. builds the trust and confidence of communities in key areas for reducing the cost of exploration and industry and government regulation enabling development. 5. supports and accelerates long-term development ofthe Cooper Basin 6. facilitates productive and responsible resource development. The Cooper Basin Strategy sets ambitious goals and targets to ensure that all Queenslanders benefit from its resource potential. 2 Cooper Basin Industry Development Strategy Summary of actions and timeframes To deliver on this strategy the following actions will be implemented: 1. Attract new investment 1.1 Release new areas for exploration in the Cooper Basin during 2015 1.1 Mid 2015 1.2 Regularly release new areas for exploration beyond 2015 1.2 2016-2018 1.3 Promote Cooper Basin land releases to national and 1.3 First quarter 2015 international markets 2. Support exploration activity 2.1 Adopt a case manager approach across government to facilitate projects 2.1 January 2015 in the Cooper Basin 2.2 Build on recent tenure changes to continue to deliver practical and 2.2 Commenced - complete by flexible tenure arrangements mid 2016 2.3 Make high quality geological and geophysical data available online 2.3 Commenced - complete by mid 2015 2.4 Investigate and implement processes to facilitate resolution of native title 2.4 Mid 2015 underthe Commonwealth Native Title legislation 3. Consistent regulatory arrangements 3.1 Negotiate a Memorandum of Understanding between Queensland and 3.1 First quarter20i5 South Australia identifying opportunities to encourage investment and facilitate cross border operations 3.2 Aim to harmonise regulatory and administrative arrangements with South 3.2 End 2015 Australia to facilitate exploration and production in the Cooper Basin 4. Build trust and confidence 4.1 Form a Cooper Basin M inisterial working group with representatives of 4.1 Early 2015 the community and industry 4.2 Communicate government’s comprehensive regulatory requirements for 4.2 Commenced and ongoing deep gas and oil to promote industry social licence 4.3 Undertake community engagement sessions in the Cooper Basin 4.3 Commenced and ongoing 5. Support and accelerate development ofthe Cooper Basin 5.1 Facilitate future infrastructure needs with proponents, local councils and 5.1 Commenced other government agencies 5.2 Grow supply chain opportunities in partnership with industry 5.2 Commenced 6. Facilitate productive and responsible resource development 6.1 Develop a Cooper Basin Water Strategy to ensure responsible and 6.1 Commence the strategy in productive use of water resources in the basin early 2015 - complete by end 2016 3 Cooper Basin Industry Development Strategy Actions in detail 1. Attract new investment 1.3 Promote Cooper Basin land releases to national and The Queensland Government is putting In place a number of measures to encourage new Investment international
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