An oil and energy company is planning an ambitious $77 billion oil, gas and infrastructure development in Western Australia’s Canning Basin.
Theia Energy is investigating the feasibility of its Great Sandy Desert Project, 150km southeast of Broome.
Over 2000 jobs promised
The project involves building a network of oil wells and pipelines across the desert to become what is promised to be the nation’s biggest oil-producing project.
The proponent claims to have discovered what could potentially total 57 billion barrels of “unconventional” oil and 39 trillion cubic feet gas in an area spanning 1.6 million acres. QMEB understands the oil is trapped under layer of rock measuring at least a 1 km-thick, meaning hydraulic fracturing is likely to be required before it can be extracted.
If the project proceeds, it could create more than 2000 jobs and $250 million in overall tax revenue.
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Talks begin with land owners
At the moment the proponent is still in the proof of concept phase and holding talks with the Indigenous Karajarri traditional land owners to obtain permission for fracking. If an agreement is reached, pilot production is expected to continue through to the year 2023.
A final investment decision is expected to be made between the years 2024 and 2026, with full commercial production to start as early as the year 2027.
The operation is promised to have a lifespan of at least 30 years.