Queensland Premier David Crisafulli has called on the federal government to expedite the expansion of an oil field in southern Queensland, advocating for increased domestic fuel production. Amid a fuel crisis characterised by skyrocketing petrol and diesel prices and widespread supply shortages, some fuel stations have reportedly run dry.
Currently, Australia relies heavily on oil imports from neighbouring Asian countries, producing only a small fraction of its needs. Crisafulli envisions a shift in this reliance, asserting that Queensland is rich in untapped resources, which he dubbed “liquid gold.” He recently visited the Taroom Trough in the Bowen Basin, which produces around 200 barrels of oil daily for diesel refinement. Despite this output, Crisafulli insists that it is insufficient for Australia’s needs, highlighting potential national benefits from boosting local oil production.
He emphasised the urgency of breaking down bureaucratic hurdles to increase domestic fuel capabilities, stating, “We have an ocean of opportunity here.” The Premier urged collaboration between state and federal governments, noting that the National Interest Fast-Track Assessment Pathway exists to accelerate approvals for infrastructure projects considered essential to national interests.
While fossil fuel initiatives typically do not qualify for expedited processes under this framework, Queensland politicians argue that now is the time for Australia to fortify itself against future oil shocks. Chris Bowen, Federal Energy Minister, indicated a willingness to cooperate with Queensland but refrained from endorsing the rapid expansion of the state’s oil fields outright.
Crisafulli maintained that the successful expansion of oil production would have far-reaching impacts, labelling it a “moment of national significance.” However, this push for increased fossil fuel production has drawn criticism from climate change advocates, who urge a focus on renewable energy advancements instead. Alison Reeve, director of the Grattan Institute’s energy and climate change programme, has cautioned that establishing a new refinery could cost between $5 billion and $15 billion, with uncertain returns on investment. She pointed out that while Australia has approximately eight to ten years’ worth of oil supplies, untested shale oil reserves could extend this period by about 35 years if extraction proves feasible.
As discussions continue regarding the future of Australia’s fuel independence, the balancing act between fossil fuel production and sustainable energy initiatives remains a critical focus.