Gas Week

EWN Publishing

SE Australia: 260pc gas replacement, 2002 to 2007

Posted by gasweek on 18 September, 2007

Heaps of gas for NSW generation: Wood Mackenzie – commissioned by the NSW Owen Review; Availability and Cost of Gas for NSW Baseload Generation 31st July 2007, provided a gas supply forecast based on a project by project analysis of 2P (Proven plus Probable) gas reserves and supply capacity, and evaluated a portion of the 3P (Possible) gas reserves of specific CSG projects “capable of development and production within the period to 2030”.

SA Australia Gas Map

Analysis of a total SE grid supply: For this report, Wood Mackenzie has provided this analysis on a total supply basis for Eastern Australia, with future production divided into three categories, each with a different degree of certainty that the gas will be delivered to market. The three categories are: existing Contracted production, the Uncontracted remaining reserves, and the likely Additional Potential gas.

23 years supply at current consumption: Eastern Australia 2P Gas Reserves at 1 February 2007 showed a replacement ratio of 260 per cent over this five year period. The total 2P gas resource of Eastern Australia as of 1 February 2007 was 13,980 PJ. This equates to approximately 23 years of production at current levels.

Gippsland Basin still a player: The Gippsland Basin, with 6,859 PJ of reserves was the most significant region in Eastern Australia in terms of gas reserves (and production) despite over 30 years of gas production.

Cooper in decline: By contrast, the Cooper Basin had 1,213 PJ of 2P gas reserves and production was now in decline following 30 years of production. CSG 2P reserves were approximately 4,000 PJ.

The biggest source – Queensland: The main area of CSG reserves was located in SE Queensland. A comparison between the gas reserves (2P) in Eastern Australia over the last five year period (2002 to 2007) shows that despite approximately 2,800 PJ of sales gas being produced in this period, 2P gas reserves have actually increased by a net 4,710 PJ. This demonstrates a healthy reserves replacement ratio of 260 per cent over this five year period.

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