DEPARTMENT OF PRIMARY INDUSTRIES PAEC Budget Estimates Hearing Resources Portfolio Hon. Theo Theophanous, MP 4 th July 2006
DEPARTMENT OF Victoria’s Earth Resources PRIMARY INDUSTRIES Earth Resources Sector Earth Resources Sector Major Achievements 2005- -06 06 Major Achievements 2005 1 st Gold Pour $55M Ballarat gold mine $100M Fosterville Dec 2005 gold mine opened 6 th July 2005 $350M Bendigo gold project $270M Douglas Mineral Sands $304M Basker-Manta project oil project – Extended production test completed May 2006 Monash Energy $200M Casino gas (Anglo / Shell project – production alliance) started Feb 2006 $1,100M Otway $500M Bass Gas Gas project project
DEPARTMENT OF Victoria’s Earth Resources PRIMARY INDUSTRIES DPI Major Achievements/Challenges 2005-06 � 18 th VIMP geoscience data release & New Seismic � Benambra mine rehabilitation - $4M DPI funding � Technology Road Map project – promoting R&D � 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
DEPARTMENT OF Victoria’s Earth Resources PRIMARY INDUSTRIES GeoScience Victoria estimates of ‘yet- -to to- -find’ and find’ and GeoScience Victoria estimates of ‘yet undeveloped resources across the State undeveloped resources across the State KWR KWR Wemen Wemen Gold Brown Coal Gold Brown Coal 80Moz 53,000Mt 80Moz 53,000Mt Mineral Mineral Sands Sands Base Metals Base Metals 330Mt 330Mt Cu, Zn, Pb Cu, Zn, Pb 13Mt - - Ore Ore 13Mt Fosterville Fosterville Bendigo Bendigo Douglas Douglas Stawell Stawell Omeo Omeo Ballarat Ballarat Walhalla/ Walhalla/ Bacchus Marsh Bacchus Marsh Eureka Eureka Basker Manta Anglesea Anglesea Latrobe Valley Latrobe Valley Otway Basin Gas Gas Gippsland Basin Casino oil & gas 14,000PJ 14,000PJ oil & gas fields fields *Figures based on current mineral/gas prices
DEPARTMENT OF Victoria’s Earth Resources PRIMARY INDUSTRIES Victorian Government actions in 2005/06 driving new growth Encouraging Innovation Government Investment • MTE • Geothermal • Gold Undercover • Otway CCS trial • Seismic Transect • ETIS • VIMP release • Latrobe Valley Investment Exploration Vision • Monash Energy Government New projects to Facilitation regulate Operation Development • Bendigo Gold • Stawell Gold • Ballarat Gold • Fosterville Gold • Douglas Min Sands • Minerva gas • Otway Gas project • SEA Gas pipeline • Basker - Manta • Casino gas $2.1 billion in new investment
DEPARTMENT OF Victoria’s Earth Resources PRIMARY INDUSTRIES 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 Valley’s 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
DEPARTMENT OF Victoria’s Earth Resources PRIMARY INDUSTRIES Net Benefits to the State Budget from earth resources DPI – M&P Division 2005-06 2006-07 $ Mil $ Mil Brown coal royalties 23.1 31.1 Other royalties 3.9 6.9 Other – fees & rentals 4.8 4.2 Total Revenue 31.8 42.2 Total Output Expenditure 20.9 24.5 Net Surplus 10.9 17.7
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