The investigation of the site will allow the government to learn by the end of 2026 whether it is viable to drill into the lake and extract the supplies.
While it is not an immediate relief from the ongoing shortage, if it is deemed usable, oil could be extracted from the site as early as 2028.
In Queensland alone, more than 100 service stations were out of fuel yesterday, with even more shortages across the nation.
The reports come just days out from the federal government being poised to reveal a national emergency fuel plan that will allow industries that require the supplies most to secure quantities.
The plan would aim to create safeguards for supplies going to industries, such as farming, trucking and emergency services, as well as to regional areas.
There are calls from the opposition, however, to slash the fuel excise to immediately reduce costs for drivers.
“When you fill up your car, about 52 cents every single litre goes to taxation,” Shadow Foreign Minister Ted O’Brien told Today.
“So we need to cut that taxation in half for a three-month period.”
Cutting the tax would carry consequences for the federal budget, which brings in billions of dollars each year.
However, the fuel crisis is expected to affect the budget regardless.
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