The Australian Government has released the North Bowen and Galilee Strategic Basin Plan to bring on exploration and development of Queensland’s resource rich North Bowen and Galilee basins.
It is the second plan to be delivered under the Strategic Basin Plans program announced in the 2020-21 Federal Budget. It follows the Beetaloo Strategic Basin Plan and supports the government’s vision to unlock the vast gas resources in the region to increase the nation’s gas supply and put downward pressure on prices.
As part of the 2021-22 Federal Budget, the government has announced:
The basin plan outlines a long-term, staged approach. The plan will improve Australia’s energy security and increase gas supplies for the benefit of all Australians, in particular households and industry. It will promote gas development in the region and could create up to 5,500 new jobs in central Queensland by 2030.
The government considers the North Bowen and Galilee basins a region of national significance. They hold significant gas and coal reserves. The North Bowen Basin in particular is a well established resources powerhouse. It supplies around 60% of Australia’s metallurgical coal production and 14% of Australia’s thermal coal production. There is also excellent potential for renewable electricity and hydrogen.
The successful development of these basins could:
The government is also committed to ensuring that development in North Bowen and Galilee is safe and sustainable. This includes ensuring that developments benefit:
The government is committed to the safe and sustainable development of these basins. Collaboration between the Federal and Queensland governments, industry, Geoscience Australia, CSIRO, local communities and Traditional Owners will see resources projects grow the region to the benefit of all stakeholders.