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    Blue Energy upgrades Surat basin gas resources

Summary

The upgrade is across the 1C, 2C and 3C contingent resource categories.

by: Shardul Sharma

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Blue Energy upgrades Surat basin gas resources

Sydney-listed Blue Energy on January 25 announced a 300% upgrade of the recoverable gas resources in its solely owned permit ATP854 in Queensland’s Surat basin.

The upgrade is across the 1C, 2C and 3C contingent resource categories. This represents an increase in the total contingent resource base of the permit from 101 petajoules to 398 petajoules of 3C. The increase is based on a review by the independent reserve certifier Netherland Sewel and Associates Inc as of December 31.

ATP 854 is located near the heart of the CBM-LNG gas supply precinct with gas pipeline infrastructure (PPL 30), linking Wallumbilla to Gladstone, running through the permit. The ATP854 gas resources, therefore, have a clear potential for near-term economic development using this existing infrastructure, Blue said.

“This gas resource upgrade is timely, given the gas offtake agreements Blue Energy has executed with Origin Energy and Energy Australia to supply gas to them at the Wallumbilla hub,” the company said.

These agreements are for the 10-year supply of up to 400 petajoules of gas. Gas from ATP854 will be considered as a potential initial supply option for these supply agreements and to augment the company’s North Bowen basin gas reserves and resources.