Amplitude Energy secures 15 petajoule gas licence
Key points
- The Victorian government awarded Amplitude Energy a production licence to restart the offshore Patricia-Baleen gas fields.
- The company share price moved in response to the regulatory approval for the Gippsland basin development project.
- The project aims to increase regional gas supply and utilise existing processing infrastructure through the decade.
The Victorian government has awarded Amplitude Energy (ASX:AEL) a production licence to restart the offshore Patricia-Baleen gas fields.
The approval follows previous efforts by the state administration to clear local energy projects and increase regional gas availability.
“We know gas supplies are declining, which is why we are securing the gas we have and backing new projects to bring down bills,” said Carroll Labor government representatives.
The restart is projected to deliver up to 15 petajoules of natural gas between 2028 and 2035 using the existing Orbost gas plant and pipeline infrastructure.
Following the announcement, the Amplitude Energy share price was unchanged at $1.89.
The Gippsland Basin operation represents one of several energy initiatives overseen by regional authorities to manage domestic fuel needs.
State officials previously granted clearance for the Golden Beach gas storage project managed by GB Energy.
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