GREAT POTENTIAL IN QUEENSLAND
APPEA. There remains enormous potential to safely explore and develop Queensland's shale gas resources, to create jobs and attract another wave of economic investment, the Australian Petroleum Production & Exploration Association (APPEA) said today.
Already natural gas from coal seams feeds almost 100 per cent of Queensland's gas supply needs and has been responsible for generating about 30,000 jobs, mostly in rural and regional communities.
Comments made today by the Queensland Opposition about the future of shale gas development ignore the Queensland gas industry's proven record of safe operations over many decades.
APPEA Chief Operating Officer Paul Fennelly said: "It is very important that political parties do not adopt policies from The Greens to stop resource development and the benefits it can bring to Queensland's economy.
"Across the border in South Australia about 685 wells have been safely fractured stimulated in the Cooper Basin over the last 40 years.
"Shale gas also uses multi-pad horizontal drilling, which ensures that the surface footprint of activities is minimised so that there is little impact on agricultural operations or the environment."
Last year the Australian Council of Learned Academies highlighted the "great potential" of shale gas as an important new energy option for Australia, while also identifying challenges that could be met through careful management.
Mr Fennelly said: "Industry supports the findings that robust regulation and best practice operations are central to managing and mitigating the identified risks."
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.