The Australian state of Queensland has awarded six areas of land across the Bowen and Surat Basins in new tenders for petroleum and gas exploration. The Queensland Exploration Program has been running since 2017, covering more than 20,000 km of land to shore up Australian domestic gas supply and ensure energy reliability. Two tenders have also been awarded for coal exploration areas near existing mining operations in the Bowen Basin. The announcement comes after the Australian Energy Market Operator (AEMO) warned of immediate gas supply risks across southeast Australia after inventories fell to 26,000 TJ (694 mcm) at the Iona gas storage site in Victoria.
Australia's crude oil proven reserves are limited, with around 222 Mt, which represents 13 years of current production. At 2 800 bcm, the country's proven gas reserves are the largest in the Asia-Pacific region (more than 2/3 of which are conventional reserves and 1/3 coal bed methane at the end of 2022). More than 90% of conventional gas resources are located offshore in the west of the country (54% of which are in the Carnarvon Basin, 24% in the Browse Basin and 12% in the Bonaparte Basin). Around 80% of the country's reserves of coal bed methane are located in the Bowen/Surat basin in Queensland.
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