New gas project for Queensland

Posted September 23, 2014

Drilling on-site at Carbon Energy operations

Carbon Energy has announced a significant increase in its proved and probable (2P) Surat Basin gas reserves, giving it Queensland’s fifth largest such gas reserve.

The company said its Surat Basin 2P reserves now totalled 1,128 petajoules of natural gas equivalent (or 188 million barrels of oil equivalent) – supporting plans to develop a commercial-scale gas project in Queensland, the Blue Gum Gas Project.

Chief executive officer Morné Engelbrecht said the reserve upgrade reinforced Carbon Energy’s ability to provide the Queensland market with access to a major new gas resource.

“We are planning to bring our reserves on to the market in time to meet the forecast gas shortages towards the end of the decade,” he said.

“The constraints on the local gas market are going to hit industry particularly hard. We are in discussions with potential industrial off-take partners to supply them with this new source of gas.”

Read more at www.carbonenergy.com.au

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