New South Wales’s Green Industrial Complex (GIC) is to take over a number of greenfields and will be given control of the lucrative gas fields that lie on the eastern fringe of the state’s eastern edge.
Key points: GIC is taking over the gas fields from the former Commonwealth Gas monopoly Green Industries Group has been given the authority to develop and export gas from the gasfields, which are estimated to contain up to $30 billion of gas resources The gas fields will be part of the NSW Government’s energy and infrastructure strategy for the state and federal government has also been given a role in the GIC’s development and operationThe GIC will also be responsible for managing the state-owned gas company Southern Gas, which was bought out in 2007 by the Commonwealth Gas consortium.
The move to take the gas from its former owner, the Commonwealth Government, will allow the Gic to develop its own gas reserves, and will allow it to export its gas to the mainland, and export to China, Australia’s largest trading partner.
“The gas resources lie on a pristine piece of land in the state, and it’s not just the gas itself, it’s also the geology, the soil, and the biodiversity, so it’s going to be a very, very exciting time for our state and the Commonwealth,” NSW Premier Gladys Berejiklian said.
“It’s not only a win for the people of NSW, but also for the industry as well.”
The Gic will now have a duty to ensure that the gas extracted is not affected by any adverse environmental impacts, and that any risks associated with the gas extraction are not considered.
The GAC is also in the process of developing and deploying a number, including the gas-powered rail network, and has a duty under the Australian Industry Code of Conduct to take all necessary steps to ensure its activities comply with the code of conduct.
Ms Berejic said the new position would give the GAC “the power to ensure the safety of the people and property of NSW and the environment”.
“We’re pleased to see the GOCs involvement with the new gas project and have been pleased with their work, but we’re also concerned about the impact of this on existing infrastructure, on the industry and on our own future,” she said.
The new role for the GICS was first announced in April, and comes on the back of a recent report commissioned by the state government that recommended a new gas sector to develop the gas reserves.
In a statement on its website, the Gics said the gas exploration and production would be carried out in the “best interests of the public interest” and that the project would contribute to “an energy and industry renaissance in NSW”.
“The GICS will work closely with all stakeholders to ensure there is no impact on the public environment, wildlife and water resources,” the statement said.