Home on the Range: Central gets gas project back on its feet
Central Petroleum and Incitec have revived the potentially significant Range gas project in central Queensland.
Central Petroleum will restart its Range project.
Central said the joint venture, which was stalled when the pandemic hit in March, has yet to reach a financial investment decision, which it now forecasts would occur before the end of 2021.
Development of the project would occur shortly after that and first gas has been scheduled for 2023.
It is aimed at producing 279 petajoules of 2C resources, which equates to about one year of Queensland’s current gas demand.
It anticipates that it would be able to covert to 2P (proved and probable) reserves before a financial investment decision.
It’s expected the Range project could have up to 143 wells over its life.
Central managing director Leon Devaney said the confidence to restart the project came from a new gas sale agreement and restructured finance facility announced last week.
“This is a major area of growth for Central which we believe will be a very competitive new source of gas for the east coast market when the project comes on stream in 2023,” Devaney said.
