Australia’s Energy Commodity Resources 2021 Publication Released

The inaugural Australia’s Energy Commodity Resources (AECR) 2021 publication has been released by Geoscience Australia. The AECR snapshot provides the foundation for identifying trends and long-term indicators of the life of our energy resource base into the future.

Minister for Resources, Water and Northern Australia, The Hon Keith Pitt MP commented “Australia is known for its abundant and diverse energy resources, including globally important petroleum, coal, and uranium commodities. The AECR publication confirms this position, demonstrating Australia’s world-class endowments of these commodities.

“Even with much of Australia under-explored, AECR shows that in 2019 Australia’s total demonstrated energy commodity resources included 241 trillion cubic feet of natural gas, 963 million barrels of oil, 410,846 million tonnes of black and brown coal, and 1.2 million tonnes of uranium.

“Australia’s identified gas resources are sufficient to supply domestic demand and Australian LNG exports for over 40 years. The Australian Government is working hard to remove the development uncertainties through our Gas Fired Recovery Plan and to identify new gas resources through the $225 million Exploring for the Future Program. The annual Offshore Acreage Release and the Strategic Basin Plans are ensuring a future pipeline of gas projects, providing Australians with reliable and affordable energy supplies for the future.”

The AECR also provides an overview of the geology in Australia that may support hydrogen production and carbon capture and storage technology. The Government has identified that technology will be instrumental to maintaining and strengthening our position as an energy export leader, while supporting global emission reductions. The Government’s Technology Investment Roadmap: First Low Emissions Technology Statement sets out a strategy to accelerate the development and commercialisation of new and emerging low emissions technologies without compromising energy affordability or reliability.

AECR will be updated annually providing authoritative data and information on Australia’s energy resources and reserves. The inaugural 2021 edition is timely as it delivers the resources and reserves of Australia’s energy commodities at the end of 2019, providing a valuable baseline for governments and industry to measure the impact of COVID-19 on our energy industry, and monitor the recovery.

View the 2021 AECR publication here: https://bit.ly/AECR-2021

Who are the GasFields Commission Queensland?

Established as an independent statutory body in 2013, the Commission’s purpose is to manage and improve the sustainable coexistence of landholders, regional communities and the onshore gas industry in Queensland. The Commission manages sustainable coexistence in petroleum and gas producing regions of Queensland, and will continue to do so as the industry expands into new and emerging basins.

Our vision is to achieve thriving communities in areas of gas development that are free from discord and supported by well-informed, respectful and balanced stakeholder relationships.

One way the Commission is endeavouring to realise this vision is by providing transparency and independent assurances that the onshore gas industry is appropriately regulated and held to account when needed. This in turn will help cultivate sustainable coexistence, whilst ensuring community and landholder confidence in the regulators and gas industry increases.

Drawing on its wealth of experience in the development of the gas industry and by collaborating with other relevant entities, the Commission provides a range of support to communities and landholders, primarily through education and engagement. These education and engagement activities occur with individual landholders via Commission facilitated webinars, information sessions, publications (The Gas Guide, Shared Landscapes Reports), face-to-face meetings and public workshops.

It should be noted that the Commission does not engage in individual negotiations between landholders and gas companies, but rather provides communities and landholders with the information and support they need to make informed decisions and achieve good outcomes.