Managing director Richard Cottee said on Friday QGC has hired US-based engineers Netherland Sewell & Associates to update the certification of its gas reserves.

“This will provide a basis for evaluating QGC’s current gas reserves and the potential of gas fields that we are currently developing,” Cottee said.

The news comes after the competition watchdog raised concerns on Thursday that Santos’ proposed takeover offer for QGC could thwart the $5.2 billion PNG gas pipeline project.

In a statement of issues, the Australian Competition and Consumer Commission invited submissions on whether the acquisition would reduce competition in the gas market in Queensland and eastern states.

It said its main concern was that the Queensland market is already concentrated and the merger would only work to increase it.

The watchdog said it believed the $5.2 billion PNG pipeline project worked as a “shadow competitor”, which influences the “competitive tension” between existing gas producers.

“Given the market share that would end up with Santos through taking over QGC, the outcome of the ACCC review should be of interest to all energy users in eastern Australia,” Cottee told shareholders in a statement.

“Your board believes that shareholders will be better served by allowing QGC to develop as an independent operator and a competitive supplier in the rapidly growing gas and electricity markets of eastern Australia, and more specifically southeastern Queensland.”

The ACCC will be taking submissions on the issue until November 9 and is expected to make a final decision on December 7.