The domestic gas market remains very tight and the extent to which it tightens is primarily driven by the rate of decline of Bass Strait production. Whilst only roughly a quarter of domestic gas is consumed in the electricity sector, with aging generators being replaced by intermittent power, the role of gas is becoming increasingly important in creating reliability in the grid. This dynamic looks as if it will increase over time and along with netback LNG prices will drive the domestic price. That being said, it is important that the supply /demand curve is not brought back into balance by what is euphemistically called "demand management" if that comes at the expense of industrial jobs.
State Gas Limited (ASX:GAS
) has a golden opportunity to not only help the nation but also reap the rewards from doing so. Hence our new strategy "Target 2021" for our Reid's Dome Project in Petroleum Lease 231. This is an ambitious target from a timing point of view, but your Board and State Gas management remains committed to it. This strategy has three phases, the first of which has already commenced and is fully funded.
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About State Gas Limited
State Gas Limited (ASX:GAS) is a Queensland-based developer of the Reid's Dome gas field (PL 231), which includes both CSG and conventional gas, originally discovered in 1954 during oil drilling prior to the existence of a pipeline network and an east coast gas market. The Reid's Dome field is located in the Bowen Basin in Central Queensland on the apex of the Springsure-Sericold Anticline. State Gas is sole Operator of PL 231, which is well-located 30 kilometres southwest of Rolleston, approximately 47 kilometres from the Queensland Gas Pipeline.
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State Gas Limited