The Australian Government has announced the Cooper and Adavale Basins, spread across north-eastern South Australia and south-western Queensland, as the third basin plan to be delivered under the Gas Fired Recovery announced in the 2020-21 Federal Budget.
It follows the North Bowen and Galilee Strategic Basin Plan and supports the government’s vision to unlock Australia’s vast gas resources to increase the nation’s gas supply and put downward pressure on prices.
The government will dedicate more than $60 million in new initiatives to bring new gas to market. As part of the plan, two new initiatives will tackle the unique opportunities and challenges of both basins.
The $30.9 million Data Driven Discoveries, led by Geoscience Australia, will collect and publish new geoscientific data to drive exploration investment to prove up the basins resource potential. This activity will mostly focus on the under-explored Adavale basin.
The $30 million Optimise and Discover Program, will increase gas supplies and competition between gas producers in the Cooper and Adavale basins. It will bring forward the development of a strong and diverse portfolio of oil and gas resources in the basins.
The government will soon release the Cooper-Adavale Strategic Basin Plan that outlines the long-term vision for one of Australia’s premier onshore oil and gas basins.
The Cooper has supplied energy to businesses and residents of the east coast since the 1960’s. The Adavale is comparatively under-explored but holds extensive hydrocarbon potential.
The government is committed to ensuring that developments benefit all Australians including regional communities, domestic energy users and the broader Australian public. This includes continuing to deliver the impressive safety and environmental record of the resources sector that safeguards our community and environment.
Continued collaboration between the Federal, Queensland and South Australian governments, industry, local communities and Traditional Owners will ensure we continue to develop and generate the full value of our resources.