Origin snares Qld cattle station

18 Nov, 2013 07:00 AM
Comments
3
 

ORIGIN'S Australia Pacific liquid natural gas (LNG) venture has snapped up cattle station Dukes Plain, near Theodore in Central Queensland, for $6 million.

The 7900-hectare property will be used by the liquefied natural gas venture to offset the environmental impacts of its export project, which includes gas wells, pipelines and processing plants.

Several mining companies have been seeking to secure conservation land to offset the environmental impact of their mining projects under federal and state laws.

Coalminers have delayed their purchases of the offset land because of falling coal prices. However, coal seam gas companies have continued to make offers for land and engage in ecological assessments.

In March this year, GLNG partners, which includes companies such as Santos, bought the cattle breeding and fattening property Bottletree in the Arcadia Valley in Queensland for $13.5 million.

That 3875 hectares of good-quality grazing country looked like an expensive buy but the land also has gas reserves for future development.

Dukes Plain owner Shane Joyce confirmed Dukes Plain had been sold. "I can say that it is sold but I have signed a confidentiality agreement in regards to the company that bought it," Mr Joyce said. "I am 63 now and it's time for me to extract. The terms of trade aren't good for agriculture so to get our funds out of the land means we can set ourselves up for retirement."

The property, which sits midway between the gas fields of south-east Queensland and the Gladstone port, will be leased back to Mr Joyce for a period of five years.

Origin was unavailable for comment. Origin's Australia Pacific LNG and Santos GLNG signed a historic pipeline and gas swap agreement in October worth hundreds of millions of dollars.

One of the consortium is expected to have finalised the purchase of about 22,000 hectares on Curtis Island near Gladstone for a price estimated at more than $10 million.

AFR
Date: Newest first | Oldest first

READER COMMENTS

genazzano
19/11/2013 8:50:07 AM

A biodynamic farm becomes a gas farm - I don't blame Shane for selling but it would have been good to go to another farmer
Realist
26/11/2013 5:32:26 PM

Buying properties to offset environmental impacts by gas and mining companies is complete nonsense.
Michael Kiely
24/02/2014 10:11:24 PM

The source of offsets is likely to be the Carbon Farm Initiative's"avoided deforestation" (surrendering permits to clear native vegetation). Queensland's government has flagged that will roll back the native vegetation legislation, Dukes Plains has been crafted by a master Carbon Farmer. The more trees he established the more money he made. Shane was named Carbon Cocky Of The Year. The National Carbon Farming Conference this year 17-20 March, 2014 in Canberra. News of Soil Carbon methodology and two biochar methodologies and an official measurement approach. How farmers can assess a deal.

POST A COMMENT


Screen name *
Email address *
Remember me?
Comment *
 

COMMENTS

light grey arrow
IBeef I don't believe you hire contractors unless it is for a one off, but agree you hire
light grey arrow
When considering Barnaby and Fitzgibbon there would be no doubt at all about who cares the most
light grey arrow
Byron, looking at the Clear Grain site, it states that anecdotally, each tonne of grain is