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- Estimated to potentially be 10’s of billions of barrels-equivalent oil and gas play
- Exploration works in the Taroom Trough exceeding expectations
- More than $1.2 billion in private investment committed for exploration and appraisal programs
- Gas and 300 barrels of high-quality light oil a day already being produced
The Queensland government is accelerating the development of new oil and gas resources estimated as potentially in the billions of barrels in the in the vast Taroom Trough.
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The government is moving to strengthening the state’s ability to produce its own fuel supply, with early drilling results exceeding expectations.
Premier, David Crisafulli, said the Taroom Trough is now widely recognised as having the potential to become Australia’s first major new, significant oil province in more than 50 years, while also supporting the development of new gas resources.
Premier David Crisafulli said strengthening Queensland’s sovereign fuel capability was a critical part of our plan to deliver fuel security.
“Ongoing global instability has underscored the importance of Queensland being able to drill, refine and store its own fuel,” Premier Crisafulli said.
“Queensland is open for business and we’re working closely with industry to support new oil and gas exploration and production, because we must restore our ability to drill, refine and store fuel in our State.
“It’s still early days, but early exploration results have been overwhelmingly positive and we are putting ourselves in a position to be able to assist proponents to move quickly to fast‑track production where required.”
Although exploration is in its early stages, gas and 300 barrels of high-quality light oil a day are now being produced, with the scale of the opportunity in the vast exploration area emerging, as proponents undertaking exploration works in the basin are predicting billions of barrels of oil that could potentially be produced commercially.
The premier noted that the liquids being produced have gone directly back into the domestic fuel market.
Exploration and development in the Taroom Trough is being led by global majors such as Shell and local juniors such as Omega Oil & Gas.
Head of Shell QGC, Krishna Venkatesan, said the Taroom Trough was key to supporting Queensland’s energy security.
“We’re grateful for the Queensland Government’s partnership in unlocking the Taroom Trough resource, to support the future energy security of Queensland, and the nation,” Mr Venkatesan said.
“We view the Taroom Trough as an exciting new domestic gas market and backfill opportunity, and our early results have been promising.
“We’ve committed to a large-scale exploration and appraisal program, and this year we have drilled three new tight gas lateral wells, commenced a staged well testing program that is already producing gas and liquids for the domestic fuel market, and completed Queensland’s largest-ever 3D seismic survey program to map the basin.
“We were delighted to be granted additional exploration tenure in the Taroom Trough earlier this year and are progressing approvals to support future activities.”
Omega Oil & Gas MD and CEO, Trevor Brown, said early drilling results were extremely positive and provided an exceptional opportunity for Queensland to provide energy security for Australia.
“The Taroom Trough has the potential to become one of Australia’s most significant new energy provinces, and Omega is committed to working with the Crisafulli government to responsibly unlock much-needed energy supplies and deliver lasting benefits for Queensland and Australia.
“Australia needs new domestic oil and gas, and this basin can be a big part of the answer. Every meter we drill makes me more confident about the Taroom Trough’s potential to provide a solution to Australia’s energy security challenges.
“This looks a lot like a multi-billion barrel, perhaps 10’s of billions of barrels-equivalent oil and gas play, with many of the hallmarks of the most prolific unconventional basins in the United States.
“To put it in context, over 50 years Bass Strait has produced seven billion barrels-equivalent and the Taroom Trough could be multiples of Bass Strait in size, and it’s right here in Queensland bringing jobs and economic prosperity along with energy security for Australia.”
Queensland Treasurer and Minister for Energy, David Janetzki, said the government was taking swift action for exploration in the vast Taroom Trough.
“We are focused on removing duplication, fast-tracking decisions and getting out of the way so industry can get on with the job, because we have no time to waste,” the treasurer said.
“Developing our own domestic oil resources like the Taroom Trough means Queensland can reduce its reliance on overseas supply chains, improve energy security and keep more value‑adding onshore.
“Building sovereign capability across the resources value chain will create jobs, strengthen regional economies and help ensure Queenslanders have access to reliable and affordable fuel well into the future.”
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