A REVIEW of Blue Energy’s Bowen basin coal seam gas asset by reserve certifier Netherland Sewell and Associates (NSAI) has lifted contingent resources.
The company’s wholly owned ATP814P permit has increased the 3C resource category by 21% or 657 petajoules (recoverable gas) to a total of 3,462PJ.
The NSIA gas resource upgrade increased the sub-categories of 1C and 2C contingent resources for the permit by 30% and 27%.
Net gas resource across the company’s portfolio is almost 4,400PJ of contingent resource, 55PJ of 2P reserves and 200PJ of 3P reserves, all uncontracted.
Blue Energy’s managing director John Phillips said the upgrade came at a time when there has been rapid deterioration in the world oil price.
“Many producers are facing material downgrades in reserves as a result,” he said.
The six separate blocks comprising ATP814P are surrounded by Arrow Energy’s Moranbah Gas project and its proposed gas development and export pipeline project which will supply gas to the Gladstone liquefied natural gas hub.
With three LNG projects coming online and exports beginning, the demand for gas supply to Gladstone’s LNG hub on Curtis Island will increase drastically over the next 12 months, Mr Phillips said.