something to read while waiting

from the qld gov website ,
Thursday, May 12, 2011

Queensland gas legislation shores up domestic reserves

New legislation will ensure sufficient gas is reserved for Queensland and Australian markets as overseas demand for LNG continues to soar.

Employment, Skills and Mining Minister Stirling Hinchliffe said the Gas Security Amendment Bill 2011 passed in Parliament tonight would give the Government the ability to place conditions on gas exploration or production tenures that any gas produced through the tenures is to be sold on the domestic market.

Mr Hinchliffe said the booming LNG industry was being driven by international demand but it was important sufficient gas was set aside for use by Queenslanders and Australians.

?This Government supports the LNG industry because it is set to be a major jobs provider for Queensland,? Mr Hinchliffe said.

?We?re talking about an estimated $40 billion in private sector investment and up to 18,000 direct and indirect jobs.

?In recent weeks we?ve seen British Gas sign an agreement to provide Chubu Electric in Japan with LNG for 21 years and APLNG sign an agreement to provide LNG to Sinopec in China for 20 years.

?That kind of demand is expected to continue as the world looks for transitional, low-emission fuels such as LNG.

?That?s why this legislation is important to make sure enough gas is reserved to meet the needs of Queensland and Australia.?

Mr Hinchliffe said the Queensland Gas Commissioner would provide advice in the Annual Gas Market Review about supply and demand in the state?s gas market.

The Government will then use this advice to decide if Protective Gas Production Land Reserve provisions in the legislation need to be activated.

Other important measures in the legislation include:
? Establishing a short term trading market for Queensland to improve market access and competition for wholesale gas transactions
? Removing ambiguity around ownership of easements obtained by the Coordinator General
? Improving administration of petroleum tenure legislation
? Preserving arrangements agreed to by the Government for the economic regulation of the Carpentaria Gas Pipeline
? Providing consistency across resources legislation around the lodgement requirement of royalty returns
? Confirming the Government?s commitment in regards to Collingwood Park