For those that might have missed it.Huge gas reserves found off...

For those that might have missed it.



Huge gas reserves found off NSW
By Giselle Wakatama

Updated 2 hours 18 minutes ago



Tests have found natural gas resources off the New South Wales coast north of Sydney could be double the size first thought, rivalling the massive gas reserve in the Bass Strait.

Advent Energy has a permit to explore for natural gas 50 kilometres out to sea in the Offshore Sydney basin and is focusing on an area 25 kilometres off Newcastle.

Seismic testing has been positive and the company says new technical data shows the estimated prospective recoverable resources are much larger than predicted.

Executive director David Breeze says the area was originally thought to have 6 trillion cubic feet of gas but that has been revised to 13 trillion.

"If we are successful in what we are looking at, then we could have as much gas as the Bass Strait," he said.

"The Sydney Basin is a gassy basin. That could be extremely significant in terms of the capacity for the reduction of CO2 emissions."

The company has secured a rig from the Bass Strait to drill an exploratory well later this year.



http://www.abc.net.au/news/stories/2010/07/16/2955296.htm