Queensland-based energy company Comet Ridge has been given the nod for a new Bowen Basin based gas project, located northeast of the development-ready Mahalo gas project.
The company has been granted an Authority to Prospect (ATP) over a 338 square kilometre parcel of land located in the gas rich Bowen Basin.
The 338 km2 natural gas block ATP 2063, to be called Mahalo Far East, has formally been awarded to Comet Ridge by the Queensland Government’s Department of Resources.
Commenting on the announcement made by Queensland Resources Minister Scott Stewart, Comet Ridge Managing Director, Tor McCaul, said the Mahalo Far East block contains a very large gas in place volume and is an important upside addition to the Mahalo Hub area, where Comet Ridge now holds three 100% blocks across the north of the main Mahalo Gas Project.
“Combining these blocks and sharing one large development for the whole Mahalo Hub area will provide greater efficiency and scale economy, as well as a material injection of natural gas into the east coast market, at a critical time,” he said.
“Importantly, a proportion of this Mahalo Hub natural gas is earmarked for the domestic market.”
Minister Stewart said the new ATP allows Comet Ridge to begin exploration for new sources of gas while utilising their existing gas infrastructure in the region to plug straight in and get gas to market faster.
“The new Mahalo Far East project will invest about $5.5 million over six years into the state and local economies,” Mr Stewart continued.
“Supporting exploration in Queensland and maintaining a pipeline of resources projects means more gas for local industry and more jobs.
“The resources industry has been essential during the COVID-19 global pandemic and will help continue Queensland’s economic recovery.”