How big are the onshore Victorian gas resources that are banned?
Lakes Oil NL has, without incident, carried out extensive and expensive onshore exploration programmes since the 1990’s. Building upon their programmes since 2012, the company has been ready to move to commercial production of their gas resources. Letters of Intent were in place for the purchase of gas from their Wombat gas field; the first field proposed for development by the company.
The independently assessed probable quantity of recoverable gas resources from the Wombat field by conventional methods is 250 billion cubic feet (Bcf), about equivalent to the 2½ years of gas consumption by the Victorian residential sector. Other projects proposed for development include the Trifon/Gangell gas field (225 Bcf), the Otway-1 gas well (125 Bcf, immediately adjacent to the existing Iona gas field) and the Portland Energy Project (2,273 Bcf), at present based upon conventional production only.
see Lakes Oil’s news and reports here