PAEC Budget Estimates Hearing Resources Portfolio

1
PAEC Budget Estimates Hearing Resources Portfolio

• Hon. Theo Theophanous, MP
• 4th July 2006

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Victorias Earth Resources
Earth Resources Sector Major Achievements 2005-06
1st Gold Pour 55M Ballarat gold mine Dec
2005
100M Fosterville gold mine opened 6th July 2005
350M Bendigo gold project
270M Douglas Mineral Sands project
304M Basker-Manta oil project Extended
production test completed May 2006
Monash Energy (Anglo / Shell alliance)
200M Casino gas project production started Feb
2006
1,100M Otway Gas project
500M Bass Gas project
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Victorias Earth Resources
DPI Major Achievements/Challenges 2005-06

• 18th VIMP geoscience data release New Seismic
  
• Benambra mine rehabilitation - 4M DPI funding
• Technology Road Map project promoting RD
• New Pipelines Act 2005 Geothermal regulations
• - geothermal acreage release April 2006
• New targeted OHS audit program established
• Facilitation of major projects
• - Monash Energy, Woodside and Alcoa

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Victorias Earth Resources
GeoScience Victoria estimates of yet-to-find
and undeveloped resources across the State
Wemen
KWR
Gold 80Moz
Brown Coal 53,000Mt
Mineral Sands 330Mt
Base Metals Cu, Zn, Pb 13Mt - Ore
Fosterville
Bendigo
Douglas
Stawell
Omeo
Ballarat
Walhalla/ Eureka
Bacchus Marsh
Basker Manta
Anglesea
Latrobe Valley
Otway Basin oil gas fields
Gippsland Basin oil gas fields
Gas 14,000PJ
Casino
Figures based on current mineral/gas prices
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Victorias Earth Resources
Victorian Government actions in 2005/06 driving
new growth
Encouraging Innovation
Government Investment

• MTE
• Otway CCS trial
• ETIS
• Latrobe Valley
• Vision
• Monash Energy

• Geothermal
• Gold Undercover
• Seismic Transect
• VIMP release

Investment
Exploration
Government Facilitation
New projects to regulate
Operation
Development

• Bendigo Gold
• Ballarat Gold
• Douglas Min Sands
• Otway Gas project
• Basker - Manta

• Stawell Gold
• Fosterville Gold
• Minerva gas
• SEA Gas pipeline
• Casino gas

2.1 billion in new investment
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Victorias Earth Resources
Major Budget Initiatives 2006-07

• New Programs
• 9M Developing Gold Undercover
• - Attracting new gold exploration to the State
• - 3 year program, 3M per year
• 1.5M Latrobe Valleys resources future
• - Encourage low emission brown coal investment
• - 3 year program, 0.5M per year
• Current Budget Initiatives
• Energy Technology Innovation Strategy (ETIS)
• Otway Basin CCS trial
• MTE Demonstration Plant Latrobe Valley

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Victorias Earth Resources
Net Benefits to the State Budget from earth
resources