Applications are now open for federal grants aimed at bringing new domestic gas supplies online.
Resources Minister Matt Canavan said the $26 million Gas Acceleration Program (GAP) was a significant component of the Australian Government’s $90 million investment in gas security, reliability and affordability.
It will provide up to $6 million for each project demonstrating proven prospects of bringing significant new gas volumes to target markets by mid-2020.
“Australia has significant gas reserves that can power our economy and earn export dollars,” Mr Canavan said.
“Estimates suggest there could be the equivalent of about 40 years’ worth of gas yet to be developed in Victoria, while the Northern Territory is said to be sitting on more than 200 years’ worth of gas.
“But gas developments are on hold in both of those regions, with Victoria taking the extraordinary step of banning all types of gas extraction – even conventional gas which has powered that state for decades.
“Australia can’t become complacent and other States and Territories can’t just rely on Queensland to bail them out.
“Without an export industry, the Queensland coal seam gas sector wouldn’t have been developed. But Queensland gas is now supplying both the Australian market and the export industry.
“It’s time for other states to follow that lead. Australian jobs and Australian industry rely on our gas sector.
“The Australian Government wants to work with all States and Territories to develop their gas resources.”
The application period for the GAP closes on February 13. More information at www.business.gov.au/gap