A huge reserve of gas has been discovered in the Cooper Basin of central Australia, according to exploration company, Beach Energy.
600 metres of “gas-soaked sandstone” has apparently been verified over 5000 square kilometres of exploration acreage held by Beach Energy in the Nappamerri Trough area of the Cooper.
At a business lunch last week, Beach Energy managing director Reg Nelson said the size of the reserve could potentially be enormous
“We estimate possibly there is 600 trillion cubic feet or more of gas, and if 10 per cent or 20 per cent is recoverable, this would result in 60 to 120 trillion cubic feet of gas”.
“To put that in perspective, in 45 years, Cooper Basin has produced 6 trillion cubic feet of gas. Australia effectively uses a volume of 3 trillion cubic feet of gas a year.”
An estimated $500 million is to be spent proving up the reserves.
News Source: Sydney Morning Herald