Proactive Investors is reporting live from the Australian Petroleum Production and Exploration Association’s 2012 oil and gas conference in Adelaide, South Australia from 13 May to 16 May.
South Australian Premier Jay Weatherill has told the APPEA 2012 Conference in Adelaide that the state recognised the potential of unconventional gas to deliver investment and growth to the State.
“Consider the case of the Cooper Basin, not so many years ago, the conventional resource peaked and entered a general period of decline.
“We now know with new technologies, there is far more gas available from other levels in the Basin than is being extracted.
“The shale gas reserves alone are estimated to be 85 trillion cubic feet. We all know that these new technologies have to be approached carefully, but most of us have come to the conclusion that it is inevitable that natural gas will be the most reliable fuel in our transition to an ever more renewable energy future.”
Weatherill added that while the unconventional gas sector was still in its infancy, it has the potential to deliver hbundreds of millions if not billions of investment dollars to the State and provide a new lease of life in the Cooper Basin.
“The South Australian Government intends to ensure that this state remains a distinctively attractive destination for investment in environmentally sustainable petroleum, geothermal, gas storage and mineral projects.”
To this end, South Australia has developed a roundtable roadmap for unconventional gas projects in South Australia.
“And that roadmap has several functions, to clarify opportunities and risks; to inform markets, people and enterprises that may have to co-exist with unconventional gas projects; to reduce critical uncertainties that may impede efficient approval of investment.”
The roundtable roadmap, which Weatherill launched today will be open for public comment until 27 July.
“It is a working example of how we do business here in South Australia, We don’t rest on our laurels, we seek to ensure that emerging issues are looked into again. The roundtable has being crucial in helping us develop a new and detailed document which will assist us in grappling this issue.
We believe it will happen. We recognise the transformational potential of these projects and we welcome them.
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