"It is regrettable that the ABARE report was based on outdated reserve figures and is therefore flawed in some of its findings, especially for Queensland," Molopo managing director Mr Mitchell said.
"It appears ABARE has relied on gas reserve statistics more than two and a half years old.
"This is particularly evident in Queensland where ABARE estimates the Bowen and Surat Basins contain 123 petajoules of commercial reserves.
"In fact, gas reserves in these two Basins are at least 15 times above those quoted by ABARE, with recent published information from operators in the region suggesting that the Bowen and Surat Basins have in excess of 1,800 petajoules of reserves."
Mr Mitchell said the rate of reserves growth in Queensland in the past two years had been "swift" - much of it fuelled by the emerging coal bed methane gas sector - and "by not using up-to-date figures, nor recognising the rapid trend in coalbed methane reserve increases, ABARE has drawn incorrect conclusions".
"Queensland has sufficient gas reserves to meet demand, without the need for importing foreign or interstate gas for a long, long time to come," he said.
"Indeed, Queensland, on the present rate of growth in reserves, could become an exporter of gas to other Australian states."
Mr Mitchell said that he welcomed ABARE's assessment, however, that coal bed methane has the potential to provide Queensland and New South Wales with sufficient gas to meet their needs for more than 40 years, and that the commercial development of coal bed methane resources in Australia was assuming increased importance.
