WWedoany.com Report on Feb 2nd, The Queensland Government recently announced the designation of preferred tenderers for three natural gas exploration blocks in the Cooper-Eromanga Basin, aiming to drive new exploration investment. This initiative is intended to increase future gas supply and could exert downward pressure on energy prices.

Santos QNT Pty Ltd and Drillsearch Energy Limited have been identified as the preferred tenderers for these exploration areas. These regions are located near the border of Queensland and South Australia and are part of an exploration program opened for tender last year.

Minister for Natural Resources and Mines, Dale Last, stated: "This exploration investment shows Queensland is open for business and we are committed to getting more gas into the system to ease energy pressures." He emphasized that natural gas is crucial for the state's energy mix and regional economy, and these exploration areas are a significant step towards providing the needed supply, supporting investment, and creating jobs.

Brett Darley, Chief Operating Officer of Upstream Oil and Gas for Santos Australia and Papua New Guinea, welcomed the move: "The Queensland Government's leadership in releasing and awarding exploration blocks will unlock new supply for Australian households and businesses."

Furthermore, the Queensland Government has released the outcomes of industry consultation on its land release process, aimed at supporting a faster, more transparent tender process. This includes clearer prioritization of exploration areas and earlier involvement of local governments. A summary of the land release review is available on the relevant government website.

This series of measures is expected to enhance industry certainty, accelerate energy investment, and lay the groundwork for the future development of Queensland's resources sector. The government indicated that more exploration areas will be released later this year to maintain the momentum of new projects.