Federal Industry Minister, Ian Macfarlane, today announced the Otway Gas Project, proposed for regional Victoria, has been granted Major Project Facilitation status.
Woodside Energy Ltd together with joint venture participants Origin Energy Resources Limited, Benaris International NV and CalEnergy Gas (Australia) is looking to invest $1 billion to develop gas reserves off the South West coast of Victoria.
"The proposed development will assist in ensuring continuity of supply of gas and market competition for Victoria and South Australia," said Mr. Macfarlane.
"Gas demand in South East Australia is expected to grow by around 30 per cent in the period to 2015 according to ABARE projections. The development of the Otway gas field will provide an important new source of supply necessary to meet this growing demand," said Mr. Macfarlane.
In terms of market scale the Otway Gas Project plans to be capable of supplying more than 10 per cent of south-eastern Australia's current gas demand for more than a decade.
The development proposes to extract natural gas, liquefied petroleum gas and condensate from the Thylacine and Geographe fields which are 55-70 km offshore from the South West coast of Victoria.
Gas will come ashore for processing near the route of the proposed SEA Gas pipeline from Victoria to South Australia.
Major Project Facilitation status provides the Otway Gas Project with a consolidated process for obtaining the necessary Federal Government approvals.
Invest Australia will assist Woodside Energy Ltd with any issues associated with implementing the project by working closely with appropriate Federal and State agencies to help facilitate the project.
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