QLD's resources go to highest bidder

GAS and oil explorers will be forced to try outbid one another in a fight for highly-valuable resource areas across Queensland.

Queensland Resources Minister Andrew Cripps told a national coal seam gas conference in Brisbane, the government would then select a preferred party which would then have use of those reserves.

It would only apply to those reserves considered to be particularly lucrative, while riskier exploration areas would be exempt.

Mr Cripps told the conference the policy to try and extract cash from mining companies was put together in a transparent way.

"Companies in the process of putting forward an (exploration request) will simply address an additional criteria which includes the cash bid," Mr Cripps said.

The first of these petrol and gas areas would be released for tender in the near future.

Mr Cripps said the deal would not give any easing of environmental requirements, but was aimed at stopping the trend of companies securing lucrative resource areas then on-selling them.



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