When Coldry is up and running the Latrobe Valley could become...

When Coldry is up and running the Latrobe Valley could become either a new gas field OR a new oil field

Nothing will happen until they can dewater the lignite...

Gas requirements Latrobe valley

These Latrobe valley brown coal power plants are base load plants. Let us assume they run 80% of the time so each 1,000 MW would produce 1,000 MW * 0.8 * 365 * 24 h = 7,000 GWh

Using 1 KWh = 3.6 MJ this would be 25.2 PJ pa

Taking an efficiency factor of 50% (some coal plants are running at 35% now) that would be a primary energy requirement of 50 PJ pa of gas for each 1,000 MW.
The total requirement would therefore be 8.8 * 50 = 440 PJ pa in 2037. The total gas requirement until 2050 would be roughly:

Subtotal (3) CSG requirements Latrobe valley 10,000 PJ until 2050


http://crudeoilpeak.info/australias-natural-gas-squandered-in-lng-exports

The coal resources in the Latrobe Valley near Melbourne are much less well known than the world's largest gas field, Qatar's North Field, or the biggest oil field, Saudi Arabia's Ghawar, but they contain a similar amount of energy and will last for 500 years at current extraction rates.
Elsewhere globally there is at least a century's worth, with more to be found when demand warrants. And coal is cheap: less than half the price of gas in Europe or east Asia, and barely a sixth of the price of oil.