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Tuesday, 02 December, 2008, 22:10 GMT | more >>

Australia's QGC reserves jump 83%



By Upstream staff 

Australian coalbed methane (CBM) player Queensland Gas Company’s (QGC) total proved and probable reserves have leapt 83% to 2,415 petajoules (64.4 billion cubic metres) compared to figures released six months ago.

The UK’s BG Group, which is partnering QGC in the Queensland Curtis liquefied natural gas project to export LNG from Gladstone, owns 20% of the reserves.

The increase in reserves provides further proof of the world-class quality of the Walloon Fairway, QGC’s managing director Richard Cottee said.

The company said the final figures, confirmed by independent certifiers, exceeded interim expectations of total proved and probable reserves of 2370 petajoules.

Cottee said that by the end of June next year about A$500 million (US$479 million) will have been spent on the exploration and development of QGC’s assets across the Walloon Fairway, involving drill stem tests, core holes and pilot testing.

“The steady and calculated development work by QGC over the past two years has made a significant contribution to the numbers we are seeing today – and we expect further strong upgrades as we continue drilling,” Cottee said in a statement today.

QGC’s reserves in Australia’s Surat basin are projected to supply around 20% of Queensland’s domestic gas market next year.


Tuesday, 01 July, 2008, 01:40 GMT  | last updated: Tuesday, 01 July, 2008, 02:11 GMT

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