MOUNT Isa's viability as a gas hub has been enhanced by significant parcels of land being opened up for exploration.
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The state government announced on Friday the release of more than 16,400 square kilometres of land in Queensland's North West and South West, for petroleum and gas exploration.
Mount Isa to Townsville Economic Zone president David Glasson said additional exploration in oil, gas and minerals was vital for the future development of the North West.
``MITEZ is aware that there are areas within the Georgina Basin that had already been identified by exploration companies who had done a small amount of drilling as having the right type of geology and age of rocks to contain oil and gas,'' he said.
``Up until now there had not been adequate seismic surveying to confirm the extent of any deposits and the release of this land will now enable more exploration in the most highly prospective areas.''
Mr Glasson agreed there was potential for a discovery of a significant resource in the region north of Camooweal and if so could be viably extracted if the current proposals on the table to develop a gas hub at Mount Isa eventuate.
``This would make the North West self-sufficient for its energy and possibly a net exporter to the southern domestic market and possibly the export market as well,'' he said.
Australian Petroleum Production and Exploration Association chief operating officer eastern Australia Paul Fennelly said the announcement would ``allow the next generation of the state's resources to be developed''.
``It clearly recognises that petroleum and gas production is underpinned by exploration that can potentially attract further investment, generate prosperity and create jobs,'' he said.
Minister for Natural Resources and Mines Andrew Cripps said the Queensland government had released the land in six areas for petroleum and gas exploration through a non-cash competitive tender.
``New discoveries could deliver strong economic benefits for Queensland and potentially created tens of thousands of jobs,'' Mr Cripps said.
``It is vital we continue to have ongoing exploration as we still have large potential resources in the ground.
