QGC’s world-class reserves in the Surat Basin are projected to supply around 20 per cent of the Queensland domestic gas market in 2009.

QGC’s strengths are underpinned by Queensland Government policy, firm long-term contracts, Australia’s move to cleaner, more efficient fuel sources, and the advent of a national carbon trading scheme.

The qualities and depth of QGC’s assets and management have been recognised by Britain’s BG Group (formerly British Gas), a global energy company seeking to partner with QGC to export gas to higher value overseas markets.

In February 2008 QGC and BG Group announced a joint commitment of about $8 billion to enable the annual export of 3-4 million tonnes of liquefied natural gas (LNG) for 20 years. In April 2008 QGC received $664 million from BG Group as part of the transaction.

The LNG project involves targeting more than 7,000 petajoules (PJ) of 2P (proved and probable) gas reserves, construction of a 380 kilometre pipeline to the city of Gladstone, development of an LNG terminal, and several thousand new jobs.

In May 2008 QGC announced plans to build and part-own a new gas-fired power station with a capacity of up to 600 megawatts in New South Wales. It would be supplied by QGC’s coal seam gas, which would be transported by a proposed new pipeline stretching from the heart of QGC’s acreage to the city of Newcastle.

In June 2008, QGC was admitted to the Standard & Poor’s ASX 100 index. At close of trade on 30 June 2008 QGC had a market capitalisation of A$4.4 billion.

Next year QGC will join the National Electricity Market. In February 2009 QGC will start supplying gas to QGC’s new Condamine Power Station, which will produce 140 megawatts of electricity with minimal greenhouse emissions.