The Queensland Government has called on the Commonwealth to fast-track environmental approvals for the Taroom Trough, eyeing what could become Australia's first major new oilfield in decades.
Premier David Crisafulli unveiled a strategic development plan on April 8, arguing that streamlining regulatory hurdles is a "critical" necessity to bolster national fuel security amidst heightened geopolitical volatility.
The push follows an unexpected discovery by Omega Oil and Gas (ASX:OMA) in 2025, which revealed that the frontier basin—previously noted for unconventional gas—holds significant oil potential.
Energy giant Shell has already commenced appraisal production, yielding approximately 200 barrels of liquid condensate daily.
The output is currently being diverted to local refineries for diesel conversion, a move Crisafulli says is vital given that national diesel stocks recently hovered at just 29 days.
The urgency stems from a precarious global energy market, exacerbated by disruptions in the Strait of Hormuz.
While Queensland has already awarded three oil acreage parcels and committed to accelerating trunk infrastructure, the project’s pace remains tethered to federal oversight.
Federal Environment Minister Murray Watt indicated an openness to proposals that "stack up" economically and environmentally but noted that a formal submission from the state is still pending.
The state government maintains that the Taroom Trough represents a sovereign imperative.
By coordinating infrastructure and utilising environmental reforms introduced last year, Queensland aims to reduce Australia's heavy reliance on imported crude and refined fuels.