Carbon Energy Has Queensland's 5th Largest 2P Gas Reserves
Brisbane headquarter Carbon Energy on Monday said it has 5th largest 2P gas reserves in Queensland, Australia.
The company announced more than doubling of its 2P Surat Basin gas Reserves to 1,128 petajoule (PJ) (1 trillion cubic feet (Tcf)) of natural gas equivalent or 188 million barrels of oil equivalent (mmboe).
“The upgrade provides a solid foundation for building a Queensland gas business and will support the company’s plans to develop its first commercial scale gas project in Queensland, the Blue Gum Gas Project,” Carbon said.
The Project is intended to deliver 25PJ per annum of pipeline quality natural gas from a plant that converts the underground coal gasification (UCG) process’ Syngas to pipeline quality gas.
First gas could be supplied to local industry from 2017, once finding suitable investment partners and receiving State Government approvals.
Based on projected gas prices, the Blue Gum Gas Project could deliver in excess of $4 billion in gross revenue to the company over a 25 year period, Carbon stated.
The company is currently preparing a Rehabilitation Plan for its Bloodwood Creek UCG trial site. This is on schedule for lodgement with the Queensland Government by the end of September 2014. Carbon Energy is hopeful that it will receive a decision from the Queensland Government allowing it to proceed with the standard approvals process for the Blue Gum Gas Project shortly after submission of the Rehabilitation Plan.
Carbon Energy is an emerging global energy technology provider and services company with expertise in unconventional syngas extraction through utilising its proprietary keyseam underground coal gasification (UCG) technology.