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THE Queensland Resources Council has welcomed a plan by gas company Senex to invest $1 billion in new fields. Mining magnate Gina Rinehart is partnering with South Korean steel giant POSCO, co-owners of Senex after a buyout this year, to expand gas in the Surat Basin. The investment is also forecast to create more than 200 construction jobs and 50 permanent roles.In a speech to business leaders in Queensland on Thursday, Federal Resources Minister Madeleine King called for more fields to be unlocked.Mr Macfarlane said it was more important than ever that investors had the confidence to make a significant outlay on resources and energy projects.

Queensland’s Surat Basin may be home to the state’s main coal seam gas region but it could be about to get a whole lot bigger. Senex Energy, which is owned by Gina Rinehart ‘s Hancock Energy and South Korean steel maker Posco, has announced a $1 billion expansion of its natural gas developments in the Surat Basin, which includes hydraulic fracturing, or fracking.
The expansion, which still needs approval from federal Environment Minister Tanya Plibersek, will increase the company’s gas production to 60 petajoules (PJ) per year from the end of 2025. Producing enough electricity to power more than 2.7 million homes each year, it is equivalent to more than 10 per cent of the east coast’s annual domestic gas requirements.

Federal Resources Minister Madeleine King has called for more Queensland gas fields to be unlocked. Queensland gas is a “natural ally” of renewables and will support the addition of more intermittent energy, the minister told a business audience in Brisbane on Thursday. Mining magnate Gina Rinehart is partnering with South Korean steel giant POSCO, co-owners of Senex after a buyout this year, to expand gas in the Surat Basin. Senex will deliver 60 petajoules of gas each year to support demand from the east coast market, when the expansion of the Atlas and Roma North projects is complete. Australian Petroleum Production and Exploration Association acting chief executive Damian Dwyer said it was a “massive” project, with 60 PJ equivalent to the electricity used by more than 2.7 million homes each year.

Senex Energy Ltd., controlled by Posco and billionaire Gina Rinehart, will invest A$1 billion ($707 million) to produce more natural gas in Queensland amid concerns from Australian authorities over a potential shortfall of the fuel. “The recent electricity crisis proved natural gas is critical to providing secure and reliable energy for Australians, and is needed to underpin renewables and replace aging coal generation,” Senex Chief Executive Officer Ian Davies said in the statement.