Since then, well results released by Omega Oil and Gas, backed by longstanding coal seam gas investor Tri-Star Petroleum and billionaire businessman Brian Flannery, have grabbed more attention.
The Queensland government is well aware of the prize on offer, with Natural Resources Minister Dale Last saying the region shows “incredible potential, not just for gas but also for oil”.
“I am watching Omega Oil and Gas’ recent discovery in the Taroom Trough with great interest,” he said.
For others, however, the significance of the Taroom and the opportunity it presents for the economy and energy security remain largely unknown, partly because of the shroud of secrecy Shell has drawn over its activities.
Omega chief executive Trevor Brown.
“The Taroom Trough is looking like a huge province – I’m talking tens of [trillions of cubic feet] of gas and hundreds of millions of barrels, if not billions of barrels of liquids,” Omega chief executive Trevor Brown said.
The former Santos senior executive said the chance for Taroom to match up to the Bass Strait – the origin of Australia’s decades-long history of cheap energy – was “not outside the realms of possibility”.
It’s not all just talk of a future vision. Brown said Brisbane-based Omega – chaired by former BG Group executive Martin Houston, who led BG’s takeover of Queensland Gas Company in 2008 – could be selling oil to customers such as Ampol’s Brisbane refinery in two years. Gas sales into the east coast could follow this decade.
