South Korean steel giant POSCO International’s 50.1% owned Senex Energy said it would suspend its AUsD 1 billion investment plan of its Queensland gas project amid the Australian government's efforts to quell surging energy prices. POSCO International said “This will result in less gas, electricity shortages, fewer jobs and weaker regional communities that rely on the resources sector.”In August, Senex had announced plans to expand its Atlas and Roma North natural gas projects in Queensland's Surat Basin. The project could have increased the company's annual production by 60 petajoules per year, representing more than 10% of annual east coast gas demand, Senex said.
South Korean steel giant POSCO International’s 50.1% owned Senex Energy said it would suspend its AUsD 1 billion investment plan of its Queensland gas project amid the Australian government's efforts to quell surging energy prices. POSCO International said “This will result in less gas, electricity shortages, fewer jobs and weaker regional communities that rely on the resources sector.”In August, Senex had announced plans to expand its Atlas and Roma North natural gas projects in Queensland's Surat Basin. The project could have increased the company's annual production by 60 petajoules per year, representing more than 10% of annual east coast gas demand, Senex said.
