GAP applications open COMPANIES looking for a cash injection...

GAP applications open
COMPANIES looking for a cash injection have one month to submit their applications for the Australian Government’s A$26 million taxpayer-funded Gas Acceleration Program, which is designed to accelerate new supplies from onshore gas developments to the domestic market.
Resources Minister Matt Canavan said it was "essential that Australia continues to invest in its gas sector to meet the needs of industry and domestic users".
"This program is a significant component of the Australian Government's $90 million investment in gas security, reliability and affordability," Canavan said.
"Australia has significant gas reserves that can power our economy and earn export dollars.
"Estimates suggest there could be the equivalent of about 40 years' worth of gas yet to be developed in Victoria, while the Northern Territory is said to be sitting on more than 200 years' worth of gas."
Canavan used the opportunity to sledge state Labor governments that have enacted various bans and moratoria while they assess the risks associated with fraccing.
He called Victoria's complete bad of fraccing, and its ban of conventional onshore gas exploration as being "extraordinary", although recent work from the Geological Survey of Victoria suggests there is very little conventional gas outside of the offshore basins.
"Australia can't become complacent and other states and territories can't just rely on Queensland to bail them out," he said.
"Without an export industry, the Queensland coal seam gas sector wouldn't have been developed. But Queensland gas is now supplying both the Australian market and the export industry.
"It's time for other states to follow that lead. Australian jobs and Australian industry rely on our gas sector."
He said the Commonwealth wanted to develop Australia's resources, and to aid that goal it will provide up to $6 million for each project that demonstrates proven prospects of bringing significant new gas volumes to target markets by mid-2020.
With restrictions in Victoria, Tasmania and New South Wales it means any projects will likely be in Western Australia, South Australia, Queensland and the Northern Territory.
"We have access to the best science to develop these resources. The experience from Queensland shows these resources can be accessed in a way that also balances the needs of agriculture and the environment," Canavan said.
Applications need to be in by February 13 for the first round on onshore projects that have the greatest likelihood of securing new and significant volumes of gas for domestic gas consumers located in target markets.
The grant amount will be up to 50% of eligible project cost.