A THREE year study into gas exploration in Victoria has concluded, paving the way for further drilling in the Otway and Gippsland Basins.
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The Victorian Gas Program study found there are "potentially significant" onshore conventional gas resources in the Otway Basin between Warrnambool and Port Campbell.
It's set the path for the restart of onshore conventional gas exploration and development from July 1 2021.
The program found onshore gas exploration will not compromise the state's environmental and agricultural credentials and would have a "negligible" impact on Victoria's greenhouse gas emissions.
However, other studies have questioned whether those findings take into account the actual burning of the gas extracted from below the ocean's surface.
Investigations concluded that there is likely to be 128-830 petajoules of commercially feasible onshore conventional gas yet to be discovered in the state.
This new gas, the report states, is not expected to increase consumption because the gas extracted would displace other sources of supply: "therefore, the only additional emissions from producing gas domestically will be those related to looking for the resource and getting it out of the ground."
Production of the estimated gas resources could generate around $300 million annually for regional economies and create up to 6400 jobs over the lifespan of these projects.
The report states if gas is discovered and proceeds to production, the government would see increased revenue from royalties and taxes.
The Standard has put questions to the state government on how much revenue could be made if gas were found.
In July this year two gas exploration permits were granted to Beach Energy and Bridgeport Energy for six years.
Marine national parks are excluded from any gas exploration or development.
The Victorian Gas Program had a Stakeholder Advisory Panel which included representatives of the regional community, farmers, an environmental group, industry and local government.
The panel formally met on twelve occasions over the three years.
Victoria's Lead Scientist Dr Amanda Caples lead the program.
The Petroleum Legislation Amendment Bill 2020 passed the Victorian Parliament on 16 June 2020.
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- Victorian government green light for further offshore gas exploration
- Onshore conventional gas drilling in south-west gets green light
- Concerns aired over seismic blasting in the Otway Basin
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