Queensland is to fast-track a 35-year lease extension for bp Australia at Brisbane Port to boost fuel storage capacity.
And the state government says the move could create up to 100 million litres in capacity if the company goes ahead with all of its plans for its Bulwar Island facility.
The extension will see it spend $100 million on refurbishing five unused storage tanks that the company says will boost capacity by an extra 20%, or 54 million litres, by early 2029.
The government says the fast-tracked deal includes an option to refurbish another five tanks to add 49 million more litres or to build new storage tanks.
QUEENSLAND FUEL SECURITY PLAN
Premier David Crisafulli says fast-tracking the lease extension to 2061 is a part of his government’s fuel security plan.
“We are restoring our ability to drill, refine and store, to ensure we are never again at the mercy of foreign conflicts,” he says.
Natural Resources Minister Dale Last confirmed that government had met with bp Australia executives even before the Iranian war to talk about the port facility expansion.
“Well before this crisis began, we met with bp to secure a long-term plan for the future of the Bulwer Island facility,” he says.
“We recognised the importance of the project; as a result, (we) were able to fast-track bp’s lease extension, providing the company with the certainty to invest. We just make it happen.
“It’s similar to what we were doing for the gas and petroleum industry. I released areas for exploration in the Taroom Trough in May 2025 and March 2026; since then, we’ve established the Taroom Trough Development Plan to streamline associated roads and trunk infrastructure.
BP Country President Paul Auge says the lease extension will definitely help increase fuel storage at the facility.
“The lease extension gives bp the certainty and confidence we need to unlock investment and progress our plans to increase fuel storage for Queensland businesses, tourism and vital industries by 20%.”
Work is due to start in 2027 with a planned completion date of early 2029.
The full potential of the site could unlock more than 100 million litres of capacity if a second phase of refurbishments, or new works are deemed to be feasible.
Under the Queensland Fuel Security Plan, the government wants to reduce reliance on imports and stabilise prices by fast tracking approvals for projects in the Taroom Trough.
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