Senex Energy will invest over A$1 billion to expand its Atlas and Roma North natural gas developments in Queensland’s Surat Basin to help guarantee Australia’s energy future.
Following years of exploration and studies, Senex is prepared to raise its natural gas production to 60 petajoules (PJ) per year with work set to start in the coming weeks. The first gas from the announced investment is intended to supply the domestic market with much-needed gas within two years.
“This new investment to significantly boost domestic natural gas supply supports Australia’s energy security and continues to underscore Queensland’s position as a reliable energy provider,” Senex CEO Ian Davies said.
Annual gas production of 60 PJ represents over 10 per cent of the annual east coast domestic gas requirements, around 40 per cent of Queensland’s domestic gas requirements. It is equal to the electricity used by over 2.7 million homes each year.
“The willingness of our new owners POSCO INTERNATIONAL Corporation and Hancock Energy Corporation to commit significant additional new capital allows Senex to bring critical new gas supply to market – essential for manufacturing, industry, homes, hospitals and electricity generation – beyond which was possible prior to their acquisition of Senex earlier this year,” Mr Davies said.
According to Davies, the recent electricity crisis demonstrated that natural gas is essential for providing Australians with secure and reliable energy and is required to support renewable energy sources and replace ageing coal generation, without which electricity costs will continue to increase while infrastructure and technology are developed to support increased renewable generation.
The investment is anticipated to bring over 200 jobs during construction and an additional 50 permanent roles, and is expected to inject over $200 million into local businesses and regional areas.
