Emerging shale gas and shale oil industry is potentially worth billions | Business News | Business and Finance News | | The Courier-Mail

Resources Minister Andrew Cripps has released a plan to potentially piggy back off the coal seam gas industry through the development of an industry centred on the Cooper Basin.

His department has been given 12 recommendations to implement.

The strategy comes as about 30 deep gas exploration wells are already underway in Queensland and the Government said the industry could be worth billions of dollars for Queensland.

Mr Cripps said existing legislation allowed for the extraction of these resources, but exploration was still in its early stages in Queensland and a new framework had been compiled to ensure the industry’s future expansion is successful, environmentally responsible and accepted by communities.

Among the changes will be moves to provide a tenure framework that recognises the

higher costs and longer lead times needed to develop deep gas and oil.

The Government also wants to create an industry development strategy for the Cooper Basin and recognises it is likely to be where the first production of deep gas and oil will occur in Queensland.

It also has to find a way to collaborate with South Australia and the Northern Territory because the known basins jump borders.

“Queensland is potentially rich in deep gas and oil resources and tapping these would build on the State Government’s commitment to growing the resources sector and creating more jobs for families in the regions,” Mr Cripps said.

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