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The Gina Rinehart-backed Senex Energy is moving ahead with a more than $1 billion expansion of its Atlas and Roma North natural gas developments in Queensland’s Surat Basin after receiving the green light from the federal government.

After more than 18 months on hold, Senex – which Ms Rinehart co-owns with South Korean steel giant Posco – has now received all major approvals to proceed, including federal environmental approvals.

The proposed expansion will deliver 60 petajoules of natural gas annually to the east coast market from the end of 2025, matching more than 10% of annual east coast domestic gas requirements.

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Final major hurdle

Senex chief executive officer Ian Davies said the environmental approval represented the final major hurdle to get the full expansion underway.

“We now have the necessary investment confidence and regulatory approvals to proceed with our expansion and deliver sorely needed natural gas supply to the east coast market,” Mr Davies said.

“The federal government has made it clear that gas is required until 2050 and beyond and that investment in new gas supply is needed if we are to reach net zero with thriving industries.”

Reliable supply

Gas provides around 40% of the energy used for Australia’s $100b manufacturing industry, which employs 890,000 people.

“Gas is an irreplaceable fuel in many manufacturing processes, providing the high-heat and feedstock required to make products that power our modern world,” Mr Davies said.

“The expansion will drive a significant boost in natural gas supply for Australia, demonstrating that Queensland is continuing to do the heavy lifting for the east coast.”

“Our Australian manufacturing and retail customers can now count on long-term, reliable natural gas supply to flow to factories and households from 2025.”